Cathay Industrial Biotech Withdraws $90 Million IPO

Cathay Industrial Biotech, a Chinese producer of biobutanol and LCDAs used in chemical and fuel markets, withdrew its plans for an initial public offering on Monday. The Shanghai, China-based company, which was founded in 1997, originally postponed its IPO in August 2011. The company was planning on raising $90 million by offering 6.9 million shares at a price range of $12 to $14. Morgan Stanley, Deutsche Bank Securities and Jefferies & Co. were set to be the joint bookrunners on the deal.