GTI Trust calls off Singapore IPO on final day

The Reliance-sponsored business trust was aiming to raise up to $1 billion and had attracted anchor demand from several sovereign wealth funds. Despite that, it failed to gain traction with other investors.

GTI Trust calls off Singapore IPO on final day

Yet another high-profile initial public offering in Asia has been pulled as market conditions remain difficult and investors continue to be highly selective about where they put their money. India’s Reliance Communications on Friday evening said that it had decided not to proceed with the initial public offering and listing of its subsea cable unit as a business trust in Singapore.

It said it will “await supportive market conditions and easing of prevailing global uncertainties”...

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