Australian IPO market on tenterhooks after two failed floats in weeks

Australian IPO market on tenterhooks after two failed floats in weeks

FILE PHOTO: A visitor takes a photograph of a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia March 6, 2017. REUTERS/Steven Saphore

Two failed Australian floats in two weeks – including one touted as the country’s biggest of the year – have jacked up the pressure on planned listings, with fund managers sceptical that hoped-for valuations will come to pass.