LNG services service provider Hygo Strength Changeover postpones $450 million US IPO


Hygo Strength Changeover, which delivers integrated downstream liquefied pure gasoline alternatives in Brazil, postponed its IPO on Friday. It experienced filed to elevate $450 million by giving 23.1 million shares at a rate array 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 undertaking concerning Golar LNG (Nasdaq: GLNG) and infrastructure-targeted non-public fairness agency Stonepeak Infrastructure Partners. Shares of Golar fell 32% on Thursday, and the inventory is down extra than 50% from very last week.

The Hamilton, Bermuda-based mostly firm was started in 2016 and booked $44 million in revenue for the 12 months finished June 30, 2020. It had planned to checklist on the Nasdaq beneath the symbol HYGO. Morgan Stanley, Goldman Sachs, Citi, Barclays, BofA Securities, BTG Pactual, BTIG, Credit rating Suisse, Itau BBA, UBS Expenditure Financial institution and XP Investimentos ended up established to be the joint bookrunners on the offer.

The article LNG services supplier Hygo Electrical power Changeover postpones $450 million US IPO initially appeared on IPO expense manager Renaissance Capital’s internet site renaissancecapital.com.

Financial investment Disclosure: The info and viewpoints expressed herein ended up well prepared by Renaissance Capital’s study analysts and do not represent an provide to buy or offer any stability. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance Worldwide ETF (image: IPOS), or individually managed institutional accounts may well have investments in securities of corporations outlined.

The sights and viewpoints expressed herein are the sights and opinions of the creator and do not always mirror these of Nasdaq, Inc.

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