Frontline moves to the back of the queue

The ''one-stop'' e-services provider has pulled its Singapore IPO amid weak market conditions.

The decision to cancel the Deutsche Bank-led deal was taken one day before scheduled pricing on Thursday in the face of thin demand.

Bankers comment that although the company had been well received during roadshows, it faced an uphill battle convincing investors to participate in a sector which has fallen out of favour and in a market where virtually no IPO is trading above issue price.

The company had been hoping to raise between S$94.33 million and S$144.1 million $54.21 million to $82.83 million from a 150.6 million share issue that would represent 22% of the company's share capital. Pricing had been marketed on an indicative range of S$0.62 to S$0.957....

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