Summit Power defers over US$200m Singapore IPO, citing 'market volatility'

SUMMIT Power International, the first Bangladeshi company slated to list on the Singapore Exchange, has delayed indefinitely its more than US$200 million initial public offering (IPO), the Business Times has learnt.

In a message sent to investors on Tuesday morning, Summit said that "in light of recent market volatility, the company has decided not to proceed on its current IPO timeline."

"The company will re-assess the situation in conjunction with key stakeholders and strategic partners, and will provide a further update in due course," said the message.