SINGAPORE Aug 6 Samudra Energy, which owns oil and gas interests in Indonesia, has deferred its up to $276 million initial public offering in Singapore following poor response from investors, IFR reported on Wednesday.
Although the books were covered, some investors started pulling out of orders toward the end of the bookbuilding period, IFR said, quoting a source explaining the deferment.
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.
Company officials could not be reached for comment.
Credit Suisse and Nomura acted as the joint global coordinators and bookrunners with CIMB. IFR is a Thomson Reuters publication. (Reporting by S. Anuradha of IFR; writing by Saeed Azhar; Editing by Matt Driskill)