UPDATE 1-Samudra Energy says defers Singapore IPO on volatile market

Wed Aug 6, 2014 12:57am EDT

* Some investors began withdrawing IPO orders at bookbuild end-IFR

* Accordia Golf Trust units tumbled on Singapore trading debut (Adds Samudra's statement, background on Accordia debut)

SINGAPORE Aug 6 (Reuters) - Samudra Energy, which owns oil and gas interests in Indonesia, said it will not proceed with its initial public offering (IPO) in Singapore now, citing a volatile market for the decision.

"In light of recent heightened market volatility, the company has decided not to proceed with the IPO at this time," the company said in an email to Reuters.

The confirmation came after IFR reported the deferment, citing a source as saying that although the IPO books were covered, some investors started pulling out of orders toward the end of the bookbuilding period.

The deferment came as units in Accordia Golf Trust , which raised S$758.54 million ($608 million), made its trading debut 10 percent below the IPO price on the Singapore Exchange (SGX) on Friday.

Samudra, which is part of private equity firm Northstar Group, was going to sell about 131 million shares, excluding a greenshoe option, at an indicative price range of S$1.89 to S$2.11 a share, according to a term sheet seen by Reuters earlier. The IPO could have raised as much as S$276 million.

Credit Suisse and Nomura acted as the joint global coordinators and bookrunners with CIMB. IFR is a Thomson Reuters publication. (1 US dollar = 1.2484 Singapore dollar) (Reporting by S. Anuradha of IFR; and Saeed Azhar; Editing by Muralikumar Anantharaman)