Global Ethanol stumbles and delays listing
Lead managers Morgan Stanley and UBS rethink their strategy for the Australian-based alternative fuel producer after investors baulk at the price.
The FedÆs decision to hold rates and oil prices at a record high, were not enough to get the IPO of Brisbane-based Global Ethanol off the ground on Thursday.
Investors found the A$4.60 to A$5.80 per share price tag too rich forcing the issuer to delay the A$500 million capital raising after a two-day institutional bookbuild.
Since Global Ethanol produces and sells 100% of its fuel offshore, lead arrangers Morgan Stanley and UBS were expecting to place the bulk of...
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