New Century Shipbuilding scraps IPO on eve of pricing

The decision not to go ahead is made after the deal had already been downsized, but sources say the offering was fully covered and the cancellation is not due to market conditions.

China-based New Century Shipbuilding has cancelled its Singapore initial public offering, which was seeking to raise up to S$666.4 million $484 million and had been due to price following the US close on Tuesday. The deal, which was to have been the largest Singapore IPO this year, had already been downsized to less than half the original size because of the deteriorating market environment, but sources said the cancellation was not due to market conditions.

Indeed, on Monday this week, joint bookrunners Morgan Stanley and UBS went out with a message to investors that the deal was fully covered at the reduced size. They offered no explanation for the withdrawal of the deal and nor...

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