Oil IPO Rush Highlights Uncertain Market Outlook

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Exillon Energy's November IPO, which was the first London IPO by an oil explorer in more than a year, has inspired a number of explorers to follow suit. After a disastrous 2009 when just nine companies launched IPOs on the London Stock Exchange (LSE) for less than GBP1bn, at least four IPOs are in preparation just one month into the New Year and in the oil sector alone. We would argue that this is not representative of a 2010 IPO revival, which many analysts have foreseen. As CFW has previously noted, there are many downside risks to the scenario of