Greenstone Delays Australia IPO: Reports

Australian media reported Tuesday night that life insurance distributor Greenstone has pulled its plan to raise about USD900m in an IPO in Australia. Both the Australian Financial Review and The Australian have ran similar stories about the reported shelving of Greenstone’s IPO, which would have been one of the largest floats in Australia so far this year. The reports said Greenstone decided to pull its Australian IPO due to persistent doubts among fund managers about its valuation. Greenstones owners have reportedly decided to cancel the IPO indefinitely than accept a cut to the company’s valuation. Greenstone, which distributes insurance products and owns the Real Insurance business that sells life, pet and funeral cover, planned a 16 June listing with a price range of USD2 to USD2.50 a share. this year. – BusinessNewsAsia.com