IPO market stunned as £1bn float pulled

David Hellier
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OMAN’S Renaissance Services was yesterday forced to pull its £1bn London flotation of Topaz Energy after investors failed to show enough appetite for the shares.

The banks were due to price the issue before lunch-time but did not do so after it became clear things were not going as planned.

“Renaissance has a firm sense of what the business is worth and feels that it will get the valuation it wants at some time in the future,” said one banking source.

Topaz, a Dubai-based oilfield services company, was due to raise £311m to fund expansion plans and repay its debt. Advisers expect the group to try a London issue again in the near future once markets have settled.

The Danish group ISS earlier this month pulled its flotation and the French group Lagardere postponed a sale of a 20 per cent stake in Canal Plus.