Sembcorp bows to market

Having seen its share price fall steadily since the announcement of roadshows at the beginning of March, the final straw for the government-owned company came on the day of pricing (Wednesday), when the counter suffered a sharp fall from S$1.48 ($0.82) to S$1.41. Despite the fact that lead manager JPMorgan had gathered a full order book of what many acknowledge to be tier 1 accounts, the company decided not to proceed in the face of a share price which had hit a two-year low.