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Topaz cancels USD500m IPO

01 Apr 2011

(MENAFN) Topaz chief executive, Fazel Fazelbhoy, stated that the firm withdrew its USD500 million initial public offering (IPO) at London Stock Exchange, reported Reuters.

Fazelbhoy also said that the ongoing unrest in the Middle East region alongside investors not fully covering order books were the reasons behind the oil service giant canceling the IPO.

The CEO added that the offering would have given Topaz market capitalization of around USD1.7 billion. He pointed out that the Dubai-based company may launch its IPO later.

It is worth noting that Topaz Energy and Marine is an oilfield services company that provides marine and engineering solutions to the global energy industry with focus on MENA and the Caspian Sea. It is headquartered in Dubai and has approximately 100 offshore support vessels.

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