Maritime Capital bins $300 mln Singapore IPO plan

SINGAPORE, July 3 (Reuters) - Maritime Capital Shipping said on Thursday it has withdrawn plans to raise $300 million in an initial public offering in Singapore, as investors have become increasingly reluctant to put new funds into the stock market.

The Hong Kong-based shipping firm, which transports dry bulk commodities, had planned to sell existing and new shares to boost its fleet to 30 by 2009 from 18, according to its prospectus. UBS (UBSN.VX) was the lead manager for the deal.

Maritime was looking to sell its shares at an indicative price range of S$1.24 to S$1.46 a share or 7 to 7.8 times 2008 earnings, a banking source told Reuters on June 18. (Reporting by Saeed Azhar; Editing by Jan Dahinten)