Aussie IPO revival fizzles as buyers baulk over stock slump
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Melbourne
AUSTRALIA'S revival in initial public offerings (IPOs) is proving short-lived as investors baulk at buying new shares in one of the developed world's worst-performing markets. First-time share sales raised A$2.9 billion (S$3 billion) this year, compared with A$5.2 billion in the first six months of 2014, data compiled by Bloomberg show.
Greenstone Ltd last week scrapped what could have been the year's biggest IPO, with the insurance distributor saying it couldn't get an acceptable valuation. MYOB Group Ltd, the most valuable company to list in 2015, fell 6 per cent from its offer price through Tuesday.
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