ADVISERS to the oil and gas company Fairfield Energy were adamant last night they would not be extending the deadline for investors to subscribe to the group’s £330m share listing despite suggestions that the deal was running into trouble.
Fairfield is on the last day of its investor roadshow and indications are that the advisers, led by Credit Suisse and Goldman Sachs, still have their work cut out to achieve a price above the bottom of the range of between 220p-420p.
Advisers say the IPO market in Europe is challenging. Sources close to the transaction stressed last night that there was a high regard for the management amongst institutions and they said they were confident that a large number of investors would back the group on the final day today.
Fairfield Energy is raising the money to add production at its existing Dunlin oil fields in the North Sea, as well as for development and further exploration at other North Sea fields it owns. Below expected investor interest may make it difficult for the US private equity group Warburg Pincus to offload its stake through an overallotment.