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FINANCIAL NEWS
Axiom Telecom scraps Dubai IPO plan
07 Dec 2010
(MENAFN) UAE handset retailer Axiom Telecom said that it has deided to cancel its initial public offering (IPO), citing market conditions and liquidity concerns, Gulf News reported.
In November, Axiom had said it expected to debut on NASDAQ Dubai in early December with a market value of up to $1 billion after selling up to one third of its shares to institutional investors. The IPO was not open to retail investors.
A company statement said that while there were sufficient orders to fully cover the IPO book at the price range, primarily due to demand from high quality international investors in Europe and the U.S., there were widespread concerns about market conditions and liquidity.
Adding that plans to list on NASDAQ Dubai were also cancelled, it said: the board has therefore decided to withdraw the offer at this juncture to protect current and future shareholders of Axiom.
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