Axiom Telecom cancels IPO

09 December 2010

Market conditions and liquidity cause cancellation of Initial Public Offering (IPO)

Axiom Telecom, the UAE handset retailer, has cancelled its planned initial public offering due to “market conditions and liquidity” concerns, Reuters has reported. “While there were sufficient orders to fully cover the IPO book at the price range, primarily due to demand from high quality international investors in Europe and the US, there were widespread concerns about market conditions and liquidity,” Axiom said in a statement. “The board has therefore decided to withdraw the offer at this juncture to protect current and future shareholders of Axiom,” it said, adding that plans to list on NASDAQ Dubai were also cancelled.

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