Barely a fortnight after it officially launched its US$1.24bn (€1.1bn) initial public offering (IPO) to list on the Hong Kong Stock Exchange, pan-Asian logistics group ESR Cayman pulled its offer from the market today.
In a statement after the market close, ESR said it had decided to postpone its proposed listing which would have made it the single largest float in Hong Kong this year.
“In light of the current market conditions, the company, having consulted the joint global coordinators, has decided that the global offering will not proceed at this time,” it said.
Market observers suggested that one reason for withdrawing the IPO could be its pricing, which had been seen as somewhat “aggressive”. Others believe that the political uncertainty that has erupted in Hong Kong this week would not have helped.
ESR said it was committed to its continued growth and business development throughout the region, supported by its existing shareholders and strong capital partners from across the globe.
“The company would like to express its gratitude to its prospective investors for their interest in the company, for their support and for their consistently positive feedback during the global offering,” it said.