Peixin machinery cancels SPO on poor market conditions
June 23, 2014
WSE-listed Chinese machinery producer Peixin cancelled its Warsaw SPO citing unfavorable market conditions, the firm said in a press statement.
"Although we received considerable interest from potential investors – both individual and institutional – we decided not to pursue with our secondary public offering as the market conditions were not optimal for the SPO in our opinion," Peixin CEO Hongyan Dai said as cited in the statement.
Peixin had intended to sell 3 million new shares and 600,000 existing shares, and set the maximum price at PLN 19 per share. Bookbuilding in the SPO ended on Wednesday.
The firm wanted to spend the means on financing the construction of a new production plant, R&D and land plot purchases.