Samudra Energy postponed its S$248 million to S$276.3 million $200 million to $222.8 million initial public offering on Wednesday after running up against weak market conditions.
The Indonesian junior exploration and production company was unlucky that the last few days of its roadshows coincided with a global deterioration in investor sentiment towards equities. As a result, sources close to the deal said the order book never picked up momentum and closed only 1.3 times covered at the bottom end of the indicative price range on August 6, the day the company was scheduled to fix its final offer price and allocate the institutional tranche.
While a deal...
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