Perenco’s Brazilian unit has delayed its planned $511 million initial public offering (IPO), The Wall Street Journal reports. The IPO was postponed for up to 60 days due to market conditions.
The French oil and natural gas company will cancel existing orders and refund investors who had already made deposits on the prospective shares. Perenco intends to use the proceeds to fund its exploration activities, including seismic data gathering and also to acquire exploration assets in Brazil.
Click here for the story from The Wall Street Journal.