Singapore's shelved IPOs pile up as Summit, Qualitas struggle

SINGAPORE (Apr 24): Singapore initial public offerings sure are having trouble getting over the finish line these days.

Electricity generator Summit Power International became the latest casualty Tuesday, telling investors it’s shelving a share sale that was targeting US$260 million ($344 million). The move came less than two weeks after Bloomberg News reported Malaysian clinic operator Qualitas Medical delayed the pricing of its $100 million IPO in the city-state.

It wasn’t for lack of trying. Summit Power, the biggest independent power producer in Bangladesh, secured a cornerstone investment from the Asian Development Bank and touted partnerships with the likes of Mitsubishi Corp. Qualitas has been seeking to list in Singapore after postponing plans to sell shares in its home market in 2015.

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