MMI Holdings, which is backed by Kohlberg Kravis Roberts & Co., has cancelled its 1 billion Singapore dollar ($785.7 million) initial public offering due to recent market volatility, Reuters reported. KKR took MMI private in 2007 in a deal valued at 1.01 billion Singapore dollars. MMI is a precision engineering firm specializing in electrical and mechanical parts for computer hard disks.
(Reuters) – MMI Holdings, backed by private equity group KKR has called off its S$1 billion ($785.7 million) Singapore initial public offering due to recent market volatility, two sources familiar with the matter said on Friday.
“KKR is not proceeding with the IPO because of volatile financial markets,” a source with knowledge of the deal told Reuters.
KKR had earlier hired Deutsche Bank, Macquarie Group and UBS AG to manage the sale.
KKR took MMI, a precision engineering firm which specialises in electrical and mechanical parts for computer hard disks, private in 2007 in a deal worth S$1.01 billion.
KKR’s decision to call off the MMI IPO comes less than a week after Perennial China Retail Trust decided to defer its S$1.1 billion IPO in Singapore due to unfavourable market conditions. ($1 = 1.273 Singapore Dollars) (Reporting by Charmian Kok and Saeed Azhar; Editing by Kevin Lim)