Aconex cancels IPO plans

Construction software business Aconex has cancelled plans for its initial public offering, despite its book build being covered within its pricing range.

The company was expected to have a market value of between $356m and $412m for its initial public offering being handled by Macquarie Capital and UBS.

However, it is understood that Aconex decided not proceed when it was told by its advisers that they were unlikely to secure sufficient demand to see the stock perform well during its debut on the Australian Securities Exchange.

The group was selling shares in a pricing range of $2.20 to $2.60 each and increased the size of its raising from a minimum of $120m to $232m in what was said to be in response to strong investor demand.