There are some possibly worrying signs for the IPO markets as the pin gets pulled on the Mantra float

There are some possibly worrying signs for the IPO markets as the pin gets pulled on the Mantra float. Joint lead managers Macquarie and UBS pulled the pin on the float at the last minute due to lackluster demand from institutional investors. Mantra was looking to raise $400million in the IPO which was tipped to be one of the largest of the year. However, momentum on the deal ground to a halt on Wednesday afternoon, after UBS and Macquarie lowered the offer price by up to 30 per cent. And reduced the scale of an equity raise to $239.1 million. Some fund managers questioned the group's outlook ahead of listing. While others questioned the longevity of major shareholders ownership in the stock and how long UBS and CVC Asia Pacific would hold the shares before finally realising long-hold plans to exit the company. (VIEW LINK)


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