Mando China delays up to $270 mln HK IPO on adverse markets
HONG KONG May 24 (Reuters) - Mando China Holdings Ltd, controlled by South Korean auto parts maker Mando Corp , said on Friday it decided to postpone an initial public offering in Hong Kong because of "adverse market conditions" and "significant market volatility."
Mando China and its controlling shareholder Mando Corp last week launched the IPO, offering 243.4 million shares in a range of HK$6.8 to HK$8.6 each, putting the total deal at HK$2.09 billion ($270 million).
The decision to suspend the IPO comes a day after a sharp selloff in global markets on concerns about growth in China and reduced econonomic stimulus in the United States.
Mando China said in a securities filing it plans to proceed with the listing and will monitor conditions for an appropriate time to bring back the deal.
Deutsche Bank was hired as sole sponsor of the IPO, with Morgan Stanley also acting as a joint global coordinator.