Neptune Energy biding its time on IPO

摘要

PRIVATE equity-backed oil and gas operator Neptune Energy looks set to wait a little longer before seeking an initial public offering, according to a senior official. Chief executive Jim House told Upstream that Neptune continues to focus on building a track record of good operational performance, project delivery and financial discipline and remains in no rush to seek a stock market flotation. "Stay tuned, is what I can say. But probably not sooner, than later," said House when asked about the potential timing of the offering, but without being more specific. "We're patient, we're looking at it. We're taking stock of all the different elements that are affecting markets and investor sentiment," he added. The company has hired advisers to explore strategic options for the business, including an IPO. House noted sector valuations remain below levels before the Covid-19 pandemic despite increases in oil prices and believes investor sentiment will "continue to improve".