JUBILANT Energy, an Indian-based oil and gas exploration company, is putting back its planned flotation on the London Stock Exchange, according to City sources.
City stockbroker Evolution Securities, assisted by Renaissance Capital, has been testing out the appetite for a money-raising in London and has decided to come back to the market at a later date.
A spokesman for Evolution told City A.M. yesterday: “We are still assessing the situation with a view to trying something in the last quarter of the year.”
A flotation would look to raise around £300m on the London markets and the company, which is part of the Jubilant Bhartia Group, could be valued at up to £1bn.
Jubilant Energy has tried to float in London before. Three years ago JPMorgan tried to pull off a deal but it failed to go ahead with City sources saying that “the numbers just didn’t add up” for the sponsoring banks.
There were suggestions yesterday that a host of other advisers have been approached in recent months about putting a float together but have not been able to make the numbers work either.