ComfortDelGro cancels Australian IPO
The IPO was first announced in August 2021.
ComfortDelGro Corporation announced it is no longer pursuing an initial public offering (IPO) for its Australian subsidiary on 10 November.
The company had considered listing its wholly-owned subsidiary, ComfortDelGro Corporation Australia (CDG Australia), on the Australian Stock Exchange subject to prevailing market conditions. In light of challenging developments, and on the advice of the Joint Lead Managers, Credit Suisse Australia, and UBS Australia, the group has decided to halt its IPO plans.
Chairman Lim Jit Poh commented, "The environment has changed somewhat since then, so we are not proceeding with our IPO plans at this time. The intent is still to enhance the value of our Australian assets, and we will carefully evaluate all strategic alternatives."
ComfortDelGro currently operates in all six states and territories in Australia with a total fleet of over 4,400 vehicles, including buses, coaches, and ambulances.