Nexteer Automotive postpones Hong Kong IPO

The US-based auto parts supplier becomes the latest company to call off a Hong Kong listing attempt, as wild swings in global stock markets continue to erode investor confidence.

Nexteer Automotive postpones Hong Kong IPO
Nexteer makes steering systems for more than 50 customers, the biggest of which is GM

Nexteer Automotive, a Michigan-based steering and driveline supplier, has decided to postpone its Hong Kong initial public offering of between HK$1.83 billion and HK$2.52 billion $236 million to $325 million, citing “adverse market conditions and significant market volatility”.

The company kicked off the management roadshow and institutional bookbuilding on June 14, braving a tough environment for IPOs, and the deal was scheduled to price yesterday. The Hang Seng Index shed 5.3%...

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