Dubai-based oil rig supplier shelf drilling ditched its London IPO on Wednesday morning in an unsurprising move given the lack of any messaging on subscription levels or price guidance during bookbuilding. "This decision has been reached due to challenging public market conditions despite a positive response from prospective investors to the company, its strategy and operations," the company said in a regulatory statement. That does not entirely tally with recent issuance, as more than US$8.35bn of US$50m-plus European IPOs were priced in the previous week, comprising 12 listings, including six priced by Shelf Drilling's joint global coordinators Goldman Sachs and Morgan Stanley.
展开▼
