Nov. 19 (Bloomberg) -- Karoon Gas Australia Ltd., an Australian energy explorer, said it canceled its 1.18 billion- real ($690 million) initial public offering in Brazil.
The share sale was scrapped "as a result of the current situation of the market," the Mt. Martha, Victoria-based company said yesterday in a filing to Brazil's securities regulator. Karoon had sought to sell as much as 31.9 percent of its South American unit, according to the operation's preliminary prospectus.
Karoon last week delayed the pricing of the public offering for a week to gather more applications from potential shareholders. Shares of the company in Sydney trading have fallen 14 percent since the announcement.
At least 204 equity offerings valued at $37.3 billion have been postponed or withdrawn around the world this year, according to data compiled by Bloomberg.
ipo cancellation, page-2
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