Oman's Renaissance Mulls $1.5 Billion Topaz Energy IPO
(Bloomberg) -- Oman’s Renaissance Services SAOG, a service provider to the oil and gas industry, said it’s considering all strategic options for its Topaz Energy & Marine unit, including an initial public offering.
Topaz is looking at all options, including inorganic and capital market transactions such as an offering of securities, it said in a statement. The company has appointed advisers and at this stage no decision has been taken.
Renaissance was responding to a Bloomberg News report that said the company is considering an IPO for Topaz. Renaissance, which has a market capitalization of about $379 million, could seek a valuation of about $1.5 billion for the Dubai-based business, according to people familiar with the matter. Renaissance said that the potential valuation was speculative.
Goldman Sachs Group Inc. and Morgan Stanley are advising on the share sale, which could take place next year in London, said the people, asking not to be identified as the details aren’t public. Valuation and location are still being discussed and no final decisions have been made, the people said.
Renaissance may also choose to retain its stake in the division for now, they said. Renaissance had abandoned a London IPO of the unit in 2011 and considered selling it a year later. Topaz raised $203 million in May to refinance its debt.
Spokesmen for Goldman Sachs and Morgan Stanley declined to comment.
©2018 Bloomberg L.P.