The number of emerging market companies to cancel their initial public offerings during 2008 has reached a six-year high, with conditions forecast to worsen before the end of the year.
Sixty deals from emerging markets worth $32.7bn have been abandoned so far this year, compared with 26 deals worth $4.5bn in the same period in 2007, according to data from Thomson Reuters.
There is a glut of emerging market deals in the IPO pipeline – $89.9bn of the $122bn scheduled to come to market by the new year – but many of the intended offerings may fall by the wayside, said bankers.
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