By Kristin Jones
Brazilian oil and gas driller QGOG Constellation has withdrawn
its filing for an initial public offering, citing market
conditions.
Shortly before trading was expected to launch in early February
on the New York Stock Exchange, the company said that it was
postponing the IPO, which was expected to price at as much as $578
million.
QGOG, which is part of Queiroz Galvao SA, a closely held
Brazilian conglomerate, owns a fleet of offshore and onshore rigs,
including nine ultra-deepwater rigs in operation or under
construction.
J.P. Morgan Chase & Co. (JPM), Bank of America Corp. (BAC),
Banco Itau (ITUB, ITUB4.BR), Credit Suisse Group AG (CS) and Banco
Bradesco SA (BBD, BBDC4.BR) were lead underwriters.
-Write to Kristin Jones at kristin.jones@dowjones.com
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