The broader stock market index has dropped 4.4 percent this month, as foreign investors pull out of emerging markets ahead of the expected U.S. Federal Reserve rate hike.
Datem only began marketing on Monday what would have been the country's fourth IPO this year, with an indicative price range of 8.75 to 10.75 pesos per share, well below initial guidance of a maximum price of 14.15 pesos.
It had planned to sell up to 329.05 million shares in total.
Earlier this month, unfavorable market conditions also prompted Philippine supermarket and department store chain Metro Retail Stores Group Inc. to price its IPO at a discount.
In a notice to the Philippine Stock Exchange, Datem said it will advise the corporate regulator when it has a revised timetable for the listing.
source: www.abs-cbnnews.com
