IPOs a tough sell as investors signal retreat

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By Sam Kerr
10 Oct 2019

"Difficult" seems to be the word on the lips of every equity capital market participant this week. Bankers, including those working on super-yacht builder Ferretti's IPO, and deal sponsors have found themselves battling against weak investor sentiment, driven by poor trading in some new deals, market volatility and a desire among fund managers to protect their performance as the year end approaches, writes Sam Kerr.

On Monday, one of the hottest deals in the market, the Kazakhstan fintech company Kaspi, decided to postpone its London listing because of market volatility. A number of sources, though, said that investors were also unwilling to give the seller the valuation it wanted.

A number of ...

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