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Equity

Evonik cancels, says gap unbridgeable

The cancellation of the Evonik IPO on Monday wasn’t a surprise for the new issues market but it was a disappointment. It re-opened old wounds – around the efficacy of advisors, the pricing expectations of political issuers and the structure of IPOs. But most of all it left the market bereft of the chance of new deals until after the summer break.

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