Olympus float scratched

The float of Olympus Funds Management and its new Asia Diversified Fund has been withdrawn from the market.

Olympus managing director John Pereira said market volatility was the reason behind the withdrawal of the public offering.

“Our track record in India and the significant potential across Asia is still bullish, but conditions were too bad for going to the market in December after declines during November in Australia, Hong Kong and China,” he said.

“Given that, year to date, all three have produced outstanding results, we will be back.”

The offer was for nine shares in the Asia Diversified Fund and one share in Olympus and both were expected to list this month if the float had been successful.

Olympus had hoped to raise between $45 and 90 million for the new fund.

Pereira, however, is still very optimistic on future returns from the region during the next 12 months.

“Investors will want to be part of the action across this region as shown in year to date returns of India’s BSE 200 Index, which was 48.2 per cent, Hong Kong’s Hang Seng Index up 43.5 per cent and China’s S&P/CITIC 300 Index, which rose 130.7 per cent,” he said.

Earlier this year, Olympus successfully floated an Indian fund on the ASX that is investing in shares listed on the Bombay and the National Stock Exchange.

Investors who subscribed for shares in the joint offer will be sent refund cheques in the next few days, Pereira said.