Cancelled float spells fresh woe for DIFX

Thursday 1 May 2008 at 15:54

Dubai-based pipe maker Future Pipes has shelved what would have been the Dubai International Financial Exchange's largest initial public offering this year, as investor appetite for trading on the market remains dulled.

Future Pipes today announced it would postpone its $487m (€312m) offering due to adverse equity market conditions. Deutsche Bank, Citigroup and and Dubai-based Mashreq are bookrunners.