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FINANCIAL NEWS
Renaissance cancels Topaz’s USD500m IPO
20 Apr 2011
(MENAFN) Renaissance Services chairman said that the company withdrew its initial public offering (IPO) of its oilfield services unit Topaz, which was worth USD500 million, reported Reuters.
The chairman said that the cancellation comes as the political unrest in the Arab region increase uncertainty in investments future, which might under-value the company’s IPO had the company gone through with its plans.
The chairman did not rule out having the IPO at a later time this year.
It is worth noting that by the USD500 million IPO, Renaissance had valued Topaz at USD1.5 to USD1.9 billion.
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