Stanford Marine postpones planned London IPO
Dubai, July 5, 2014
Dubai-based Abraaj Group said Stanford Marine Group has postponed a planned London listing as its majority owner Abraaj Group searches for potential buyers for the Dubai-based business, Bloomberg reported citing two people with knowledge of the matter.
Abraaj Group, which is the largest buyout firm in the Middle East, declined to comment on the report.
The people said Stanford Marine may now sell shares in the first half of 2015 instead of this year and will not proceed with the IPO if it finds a buyer earlier.
Abraaj may seek a market value of about $300 million for the company, and a valuation of about five times Ebitda, the report said.
Stanford Marine Group is an operator of offshore supply vessels for oil and gas firms in the Middle East and Gulf of Mexico.
Abraaj owns a 51 per cent stake in the company and the rest is held by Al Waha Capital PJSC, an Abu Dhabi-based investment firm.-Reuters