Sat, Nov 09, 2019 – 7:52 AM
[BENGLAURU] Private companies seeking to launch on stock markets have abandoned a series of initial public offerings (IPO) this year after a string of high-profile startups — most notably WeWork — failed to draw the expected interest from investors.
The cancellations in part are seen as a reflection of a weakening global economy, but have cast doubt on the solidity of some disruptive businesses, while Asian deals have also suffered from the political protests in Hong Kong.
Here is a list of the most notable companies across the world to have pulled the plug on their IPOs in 2019:
– The We Company, owner of office-sharing startup WeWork, scrapped its IPO in September, as concerns around the sustainability of its business model led to a lackluster response from investors.
– Endeavor Group Holdings, the US entertainment and talent agency company backed by Hollywood power-broker Ari Emanuel, abandoned its IPO in September following weak stock market investor demand.
– Waste management company GFL Environmental said earlier in November that it would cancel its initial public offering, with no immediate plans to revisit the markets, after institutional investors pressed the Canadian firm to price its shares below the marketed range.
– Italian luxury yacht maker Ferretti decided to pull its initial stock offering in mid October, as…