Karoon Backs Off Brazil IPO

Karoon Backs Off Brazil IPO

Equity

Karoon Gas Australia has indefinitely postponed the IPO of its Brazilian unit that had been expected Thursday, citing market conditions, according to bankers on the deal. Though Brazil’s Bovespa rose 1.5% Thursday along with global equity markets, selloffs this week on discouraging European headlines appear to have weakened investor appetite. More specifically, bankers on the trade note the aftermarket performance of fellow start-up E&P HRT, which only climbed back to its BRL1,200 offering p

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