MARKETS & INVESTING, UTILITIES | Staff Reporter, Singapore

Bangladeshi firm Summit Power delays nearly US$300m IPO

It cited recent market volatility as the cause.

Bangladeshi firm Summit Power International said it is shifting the timeline and delaying its initial public offering (IPO) in Singapore "in light of recent market volatility." Singapore Business Review previously reported that the deal is only set to be "modestly sized" at US$300m.

A spokesperson noted that Summit Power International remains committed to the development of the Bangladesh power sector. "The company will re-assess the situation in conjunction with key stakeholders and strategic partners and will provide a further update in due course," he added.

Previously, BMI Research said that the company had little choice but to head offshore in light of the lack of financing options available at home.

"Whilst development banks are, indeed, taking a central role in project financing, Bangladesh’s power players are exploring alternative means of raising the funds required to support future growth, as displayed by Summit’s move,” it added.

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