Axiom Telecom's abrupt cancellation of its IPO two days before listing is likely more a reflection of the Dubai retailer's own qualities than the state of the local new issues market as a whole.
The offering would have been the first in the United Arab Emirates in two years and had been taken by some market players as a signal that the dormant IPO market was reviving.
But some investors were long unconvinced about the Dubai retailer's business model and planned use of sale proceeds, analysts said.
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