India’s market for new offerings, which last month was the hottest in the world, seized up yesterday when Emaar MGF Land was forced to pull its float at the last moment because of “adverse” market conditions.
The developer said it had decided to abandon the IPO as a “result of the prevailing adverse market sentiments, fuelled by renewed indications of a US recession and global meltdown.
Financial Times 09/02/08 page 18
