Australian ECM adapts to prevailing conditions

Market volatility prompts bankers to repackage IPOs, with downward price adjustments an obvious sign of the times.

Australian ECM adapts to prevailing conditions

The second half of 2015 has seen Australia’s equity capital markets bankers struggle to find a sweet spot in investor appetite. China’s stock market correction and Europe’s ongoing wobbles have cast a doubtful shadow over the pipeline of initial public offerings and several transactions have been repackaged or postponed until conditions improve.

IPO originators say price brackets are being adjusted on some deals while others are being restructured to make them more appealing. “Some transactions...

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