Summit Power to defer its $260mn Singapore IPO

Summit Power International was to issue the first ever overseas IPO for a Bangladeshi company this year, from which it hoped to raise $260mn.

However, the deal – which would have floated the company on the Singapore stock exchange – has now been put on hold due to the volatility of the market.

In a message sent to investors, the Straits Times reported, the company stated: “In light of recent market volatility, the company has decided not to proceed on the current IPO timeline. Summit Power International remains committed to the growth of its business, in support of the development of the Bangladesh power sector.”

See also:

Foxconn invests $190mn in IDG Energy

Chinese Healthcare app prepares for $1.1bn IPO

WeWork to bring collaborative workspace to Asia

Summit Power reportedly added: “The company will reassess the situation in conjunction with key stakeholders and strategic partners and provide an update in due course.”

According to the Business Times, Summit had already reduced the size of the IPO to $260mn from an initial proposal of $350mn.

The deal was to be made up of $202.5mn to be offered publicly, with a portion privately committed by the Asian Development Group totalling $57.5mn.

Summit Power is part of the Summit Group and has 15 power plants across Bangladesh. According to Business Times, this follows a pattern of investments facing problems including Cromwell Property Group’s proposed real estate trust IPO and HNA Group Co’s planned offering.


Featured Articles

How India is bucking the global dealmaking downturn

M&A deal volume and value reach record highs in India in 2022, despite slower dealmaking globally – as scope activity and acquisitions in renewables surge

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

Leadership & Strategy

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress