UPDATE 1-Manulife shelves $420 mln Singapore REIT IPO as markets swoon

Mon Jul 6, 2015 12:49am EDT
 
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* First big Asian IPO outside China shelved on market volatility

* Would have been Singapore's biggest IPO in a year

* Some stock flotations also pulled or shelved in Europe

* China curbs IPOs, seeking to support swooning stock market (Recasts with company confirmation, adds pipeline of deals)

By S.Anuradha and Anshuman Daga

SINGAPORE, July 6 (Reuters) - Canada's Manulife Financial Corp shelved its S$569 million ($420 million) IPO of a real estate investment trust in Singapore on Monday, the first major Asian offering outside China to be pulled due to deteriorating global markets.

The postponement of the IPO, which had been slated to be Singapore's biggest in a year, came as Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday and as China rolled out an unprecedented series of steps to prevent a full-blown stock market crash.

"In light of increased volatility in the equity capital market, the IPO of Manulife US Real Estate Investment Trust has been delayed. Depending on market conditions, the IPO is expected to proceed at a later date," Manulife said in a statement emailed to Reuters.

The books for Manulife's REIT IPO were scheduled to close last Friday but demand did not materialise amidst the Greek crisis, Thomson Reuters IFR cited a source as saying.   Continued...