Listing candidate Global Flex postponed its initial public offering yesterday just 24 hours after closing its institutional book, according to a source. The spin-off of Taiwan-listed Vertex Precision, which had been hoping to raise up to $578 million, gave an indication of the postponement when it called of a presentation to institutional investors on Monday. The source said the institutional book had been fully covered, but declined to give a subscription ratio. 'The London blast has affected market sentiment, so it has been decided to delay the deal,' the source said. The retail book was due to open from Tuesday to Friday, with shares beginning trading on July 22. No revised timetable has been given. Gold Bond is the sponsor of the deal. Meanwhile, Guangdong-based R&F Properties proceeded with its listing by selling all the offered shares at a price near the bottom of the indicative price range, sources said. The company sold 183.92 million offered shares at $10.80, just 10 cents above the bottom of the range, to raise $1.98 billion. 'The retail tranche was not fully covered and so was cut to about 4 per cent of the total offering from the original 10 per cent,' said a banking source, adding that the institutional tranche was 1.5 times covered. The company is set to list on Thursday. CSFB and Morgan Stanley are the sponsors.