Graff Diamonds pulls Hong Kong IPO
May 31, 2011 – Luxury jeweller Graff Diamonds has pulled its planned $1 billion initial public offer on the Hong Kong stock exchange due to adverse market conditions.
Graff had been scheduled this week to price what was set to be Asia’s biggest IPO this year, but it withdrew the offering at the last minute on May 30 as global markets tumbled.
Some analysts and fund managers had already begun questioning the company’s valuation before the global market sell-off on May 30, citing a slowdown in luxury spending in China.
