Initial public offerings continue to get an icy reception from investors, with an IPO pulled on Monday from the ScotiaMocatta Physical Copper Fund.
The new fund is designed to give individual investors direct ownership of copper. Funds with the same structure that are based on gold have been top sellers. Scotia Capital - like ScotiaMocatta, a unit of Bank of Nova Scotia - CIBC World Markets and RBC Dominion Securities are leading the offering.
A tip of the hat to Dow Jones for spotting this development.
Last week also saw an IPO pulled for another structured product offering, the Propel Multi-Strategy Fund. And two small cap tech stock debuts, from Lulu Ltd. and Netmotion Wireless - were shelved in the past two weeks.