Blackstone suffered a setback when travel services provider Travelport, which it owns, pulled its $1.8 billion IPO. Travelport blamed volatile markets, but it had earlier tweaked a bonus scheme for management that investors said was overly lavish. A last-minute cut in the price range didn’t help either. Is the IPO window in Europe closing before it even opened?
Things are looking better in Asia, where AIG has made the long-awaited choice of underwriters for the listing of its Asian life insurance unit, according to our sources. The share sale could raise more than $10 billion. Elsewhere, Korea Life Insurance Co Ltd plans to raise up to $2 billion in an IPO.
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Kingfisher Airlines Ltd is likely to come out with a rights issue offering shareholders one equity share for every one they hold to raise nearly 4 billion rupees ($141 million), according to the Economic Times.