Renaissance Reportedly Pulls Plug On Topaz IPO At Eleventh Hour

Many a private company seeks to take advantage of auspicious market conditions to launch an initial public offering (IPO), but getting the timing right is often tricky, even for oil firms basking in a bullish crude market. Oman's Renaissance Services appears to have learned this lesson the hard way, after apparently cancelling plans for an IPO of its oil field services unit Topaz Energy and Marine, Reuters reported on March 31 2011, citing an unnamed banking source.

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