Financial Times – Companies seeking to tap Asia\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s equity markets may be forced to reconsider their plans amid signs of growing nervousness among big investors, including hedge funds.<\/p>\n
| <\/td>\n<\/tr>\n<\/table>\n<\/div>\n Investment bankers said recent market volatility was affecting the risk appetite of hedge funds, which had become increasingly important investors in Asian initial public offerings.<\/p>\n One casualty of the recent turmoil is Thai Beverages, Thailand\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s biggest brewer and distiller, which is due to start trading this week after raising S$1.4bn (\u00c3\u00a2\u00e2\u20ac\u0161\u00c2\u00ac695m) on the Singapore Stock Exchange. The company, which sold shares at the lower end of its indicative price range, initially hoped to raise nearly S$1.8bn.<\/p>\n \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cWe have seen a hedge fund that has pulled $100m from the [Thai Beverages IPO] book,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d said one banker close to the float. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cThese guys are momentum investors who are terrified by what they\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2ve seen in the markets recently.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d<\/p>\n |