Bear markets maul Manulife's Singapore Reit IPO

Canadian financial services group postpones flotation as markets get the better of it.

Bear markets maul Manulife's Singapore Reit IPO
The bears come out to play

Canadian financial services group Manulife pulled its S$569 million $426 million Singapore Reit initial public offering on its scheduled pricing day after global volatility meant the leads were unable to cover the order book. 

The 767.3 million unit deal for Manulife US Reit is believed to have closed about 70% subscribed on Friday after the offering failed to build momentum against a backdrop of China's collapsing stock markets and Greece's potential Eurozone exit.

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