Europe's oil and gas sector is building up a crowded pipeline for stock mar...
LONDON - Europe’s oil and gas sector is building up a crowded pipeline for stock market flotations, but investor appetite is limited given painful experiences after the last oil price crash and a backlash against fossil fuels.
Shares of oil and gas companies historically rise after a crash in oil prices as investors bet on a recovery in prices. In a sign of the challenging conditions, Okea on Thursday lowered its offered price per share and delayed its listing on the Oslo stock exchange. Many of the IPO candidates, including Neptune, were set up in the wake of the 2014 crash by private-equity funds seeking to buy cheap and sell high when the oil price recovers.In the first quarter of 2019, European IPOs slumped to their lowest since the aftermath of the 2008 financial crisis, as uncertainty over Brexit and the U.S.-China trade dispute left companies not wanting to take their chances.
Neptune has assets in a number of regions and is focused on gas, seen as the least-polluting fossil fuel.
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