US flotations hit by rocky market

Technology products retailer CDW cut the number and price of shares in its initial public offering yesterday (IPO), as the US stock markets remained volatile on concerns that the Federal Reserve may roll back its stimulus policies. The company now expects to raise up to $419.4m (£273.8m), down from its earlier projection of up to $641.7m. Also yesterday, sources suggested construction firm HD Supply was likely to lower the price range on its planned IPO.