Sinocom Pharma Withdraws IPO Plans, Cites Market Conditions

10/14/2011 8:27:36 AM

Sinocom Pharmaceutical Inc. withdrew plans for an initial public offering Thursday, citing general market conditions. The company, which distributes traditional Chinese medicines and manages raw-herb plantations, unveiled plans in May for an IPO of up to $57.5 million in stock to raise funds for expansion. August was a brutal month for the U.S IPO market and more offerings have been postponed than priced over the past few weeks. Broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks.

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