Graff cancels IPO

Graff cancels $1 billion IPO as markets remain weak

Following another sell-off in global equity markets, Graff Diamonds abandons its high-profile IPO one day before it is due to price.
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Not an investor’s best friend at the moment, it seems (AFP)</div>
<div style="text-align: left;"> Not an investor’s best friend at the moment, it seems (AFP)</div>

In a move that is likely to send shockwaves through the equity capital markets in Asia, Graff Diamonds early this morning decided to pull its initial public offing, making the $1 billion deal the latest and largest casualty of the volatile market environment.

There was little information available as to why Graff chose to call off the deal while it still had a full day of institutional bookbuilding to go. The Hong Kong retail offering was due to close at noon today. However, there have been plenty of media reports in recent days suggesting that the deal was struggling and sources have confirmed that the order book was only...

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