chemoil-pulls-singapore-ipo

Chemoil pulls Singapore IPO

The marine fuel supplier fails to attract enough orders for its "hard-to-understand" business as investors are spooked by declining oil prices.
Chemoil Energy has cancelled its Singapore initial public offering after completing the entire bookbuilding, citing ôconsiderations relating to valuationö.

The integrated supplier of marine fuel, which had been seeking to raise up to $373.6 million, confirmed the decision in a press release Tuesday, the day it was expected to fix the price, but didnÆt elaborate on the reasons. However, rather than saying that the offer was ôbeing postponedö which seems to be the most common phrase in similar situations, the company said it had ôdecided not to pursue plansö for an IPO on the Singapore main board, which suggests it is unlikely to return with a revised offer any time soon.

The deal was to...
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