New Century IPO shrinkage, scrapping sends mixed SGX exit signals

However, the company had already reduced its planned issuance just before the listing,  by 62%, down from up to S$1.74 billion ($1.27 billion). Apparently, New Century listed two shipbuilding contracts in its prospectus that had actually been canceled and were the subject of an ongoing court case. Morgan Stanley and UBS, joint bookrunners on the deal, earlier stated t that the reduced IPO was fully covered, seemingly to reassure investors about SGX market conditions, and New Century has said it may seek to list there again later. However, the result casts doubt on prospects for SGX exits, with some sources querying the record of SGX regulators. Government of Singapore Investment Corporation (GIC), CMIA Capital and Olympus Capital investee China Minzhong, which listed on the SGX in mid-April, remains the SGX's largest China company IPO of 2010, at  S$237 million ($170 million).

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• Topics
• Southeast Asia
• Exits
• Industrials