China Dredging Group Co. withdrew its plans for an initial public offering, citing unfavorable market conditions.
The dredging contracting service company filed last December to offer up to $50 million in American depositary shares to help finance the purchase of ships and other equipment.
China Dredging mostly focuses on reclamation dredging, which involves transferring material removed from sea or river beds to another location to raise the surface above the water level, and thus increasing land availability.
Multiple companies have withdrawn their IPO filings in recent weeks, as volatile markets make it difficult to pitch and price the debuts. Despite healthy investor interest in technology companies, like Groupon Inc.’s (GRPN) recent IPO, investors remain selective about which new stocks they are willing to bet.
[mappress]
Dredging Today Staff, December 8, 2011; Image: chinadredgingco