LNG services provider Hygo Energy Transition postpones $450 million US IPO
Hygo Energy Transition, which provides integrated downstream liquefied natural gas solutions in Brazil, postponed its IPO on Friday. It had filed to raise $450 million by offering 23.1 million shares at a price range of $18 to $21.
The postponement follows news that Hygo's CEO, Eduardo Antonello, was reportedly named in a corruption investigation in Brazil. Hygo is a joint venture between Golar LNG (Nasdaq: GLNG) and infrastructure-focused private equity firm Stonepeak Infrastructure Partners. Shares of Golar fell 32% on Thursday, and the stock is down more than 50% from last week.
The Hamilton, Bermuda-based company was founded in 2016 and booked $44 million in revenue for the 12 months ended June 30, 2020. It had planned to list on the Nasdaq under the symbol HYGO. Morgan Stanley, Goldman Sachs, Citi, Barclays, BofA Securities, BTG Pactual, BTIG, Credit Suisse, Itau BBA, UBS Investment Bank and XP Investimentos were set to be the joint bookrunners on the deal.
The article LNG services provider Hygo Energy Transition postpones $450 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.