Topaz Energy & Marine has suspended its $500 million initial public offering (IPO) due to uncertain investment climate caused by civil unrest, Financial Times reports. The offering was expected to be priced at 170-230 pence per share, giving the Middle Eastern oilfield service company a market capitalization of $1.7 billion.
JPMorgan Cazenove and Bank of America Merrill Lynch had been appointed to manage the share sale. Topaz, which is owned by Oman’s Renaissance Services, expected to use the proceeds to fund its expansion plans and repay debt, adds The Wall Street Journal.
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