Nikko Asset Management cancels IPO

IPONikko Asset Management has cancelled its initial public offering (IPO) on the Tokyo Stock Exchange on 15 December because of market volatility. The assumed share price in a regulatory filing was 840 yen per share, meaning Nikko stood to raise up to 48 billion yen (€460 million) in the IPO, giving a market capitalisation of 165.5 billion yen.
The company said it hopes to resume its listing plans when market conditions are more stable, and emphasised that it does not need to raise cash through an immediate listing. The Japanese asset manager employs more than 700 people and manages nearly $160 billion (€120 billion). Last year it expanded its Asian business by buying the asset management unit of Singapore-based DBS Bank. It also bought Tyndall Investments, a fund manager that serves customers in Australia and New Zealand. ©2011 funds europe

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