Sinking IPOs worry private equity
An analysis of companies that have listed on the Australian Stock Exchange in the last two months shows the bleak state of the initial public offering market: the 25 most recent floats are down an average of more than 6 per cent, as at yesterday’s close, from their debut opening prices.
It is a generally weaker environment to get an IPO away, which has rattled private equity’s plans for smooth exits. For example, CVC Asia Pacific has ditched the idea of floating Nine Entertainment Co because of a slide in media companies’ share prices this year and softer advertising markets conditions.
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