Hyundai Oilbank drops IPO plan
South Korean refiner Hyundai Oilbank, a heavy user of Iranian crude, postponed its planned $2-billion initial public offering (IPO) due to the Euro zone crisis, and ahead of a pending suspension of Iran crude imports on western sanctions.
The pullback adds to a series of major IPO delays or cancellations across Asia in recent weeks as Europe’s escalating debt woes have sent global markets to fresh 2012 lows.
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“We’ve decided to suspend the offering due to uncertainties over the success of the IPO, as the Euro zone crisis is spreading across the world and investor sentiment has turned weaker," Hyundai Oilbank said in a statement.
The company said it planned to revive its IPO, worth up to $2 billion, when conditions improved.
A float would be the biggest in South Korea so far this year.