The cancellation of the ISS flotation last week was a shock to the system for European IPOs. The decision might well be an understandable reaction to market conditions, but it also highlights the difficulty of managing expectations in tough times.
Picture the scene. Youve got your IPO book covered a couple of days before pricing, in spite of troubled markets. Come pricing day, markets are starting to look a touch better and you're still covered. You price your deal, right?
Apparently not, judging by last Thursday's decision to
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