(Bloomberg) -- The volatility in global equity markets derailed more companies’ plans for initial public offerings as stocks in Asia and Europe dropped on Monday and U.S. equity futures pointed to further declines.
Key Developments:
Abu Dhabi on Monday shelved plans for an initial public offering of a 25 percent stake in Spanish oil refiner Cepsa as investors balked at the valuation in what would have been Europe’s largest oil IPO in a decade.
Indian real estate company Lodha Developers Ltd. has also postponed an IPO, in which it had initially anticipated raising about 55 billion rupees ($743 million), people with knowledge of the matter said.
OCC Cables Ltd. on Friday said it will no longer proceed with an IPO in Hong Kong due to adverse market conditions.
Vehicle fleet operator LeasePlan Corp. fell victim on Thursday, citing market conditions for its decision to abandon an IPO that could have d it at as much as 7.4 billion euros ($8.1 billion).
Sonae SGPS SA on Thursday said it wouldn’t proceed with the 412 million-euro IPO of its Sonae MC unit, owner of Portugal’s biggest supermarket chain, “due to current adverse conditions in international markets.”
Tencent Music Entertainment Group, the online-music arm of China’s largest social-media company, is also pausing its plans for an IPO in the U.S., a person with knowledge of the matter said last week.
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