ColbyNet revisits IPO as bricks and mortar company

As one of the first to withdraw a planned IPO following the meltdown in technology stocks, ColbyNet is trying again, this time presenting itself as a bricks and mortar company.

In April, when ColbyNet tried to list its shares on the Hong Kong Stock Exchange, it priced them at between HK$2.68 and HK$3.88 and presented itself as a burgeoning e-commerce business. Its aim was to raise as much as HK$4 billion $513.2 million. But the global decline in technology stocks spiked its hopes and it withdrew its offer.

Today it's trying again. This time however, it's marketing itself as a bricks and mortar company that uses technology as a handy add-on. The Hong Kong-based company is pricing the 1.03 billion shares on offer at just HK$1.40 to HK$1.80, an optimistic but not unreasonable level for...

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