India’s Reliance Communications has delayed a planned Initial Public offering (IPO) of a unit on the Singapore stock exchange.
The company said in a statement released on Friday that it will list the Global Telecommunications Infrastructure Trust later when the market conditions are more supportive for the IPO. The company was aiming to raise between $700 million and $1 billion by selling the company’s shares in Singapore.
The book building process for the IPO had been open for two weeks and was earlier extended twice. The process was sch3eduled to close on Friday but as the IPO only received a weak response from the institutional investors in a weak global market, the company had to delay the plans for an IPO.
Reliance was offering a yield of around 11.5% on its trust, which owns an undersea cable network, which carries telecommunication signals across more than 68,000 kilometers in Asia, the Middle East, Europe and the U. S, according to the company website.
If the IPO was successful, it would have been the largest IPO on the Singapore stock exchange this yaer. The cancellation follows several other IPO cancellations in the Asian region and indicates investors concerns about investing in Asian equities.
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