Yongda delays IPO pricing

Yongda Auto extends IPO bookbuilding until Monday

The Chinese BMW dealership postpones pricing by three days in an attempt to salvage the $306 million deal amid weak demand. Terms remain unchanged.
<div style="text-align: left;">
A new BMW on display at a China auto show last month (AFP) </div>
<div style="text-align: left;"> A new BMW on display at a China auto show last month (AFP) </div>

China Yongda Automobiles Services Holdings, which was due to price its initial public offering after the US market close on Wednesday, has extended the institutional bookbuilding until Monday as it tries to find additional demand to complete the deal, sources say. The company, which is the number one BMW dealer in China, has made no changes to the original terms, so the deal size is still between HK$2.37 billion and HK$3.37 billion $306 million to $435 million.

This comes after a couple of weeks of significant declines in global equity markets that has dampened investor enthusiasm for market newcomers, and after the chaos surrounding Facebook’s hyped-up debut...

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