Reliance scraps Globalcom IPO

23 Jul 2012

Reliance Communications has shelved the initial public offering (IPO) of its submarine cable arm, Reliance Globalcom due to unfavourable market conditions, Reuters reports. The telco had been looking to raise around USD1 billion through the IPO to reduce its debt burden. The company said that the IPO failed to attract enough interest from investors, despite Reliance extending the bookbuilding period twice.

India, Reliance Communications (RCOM)