Petrol stations owner United Petroleum has shelved its plans for an Australian Securities Exchange listing this year, as revealed by Street Talk on Wednesday.
It’s understood fund managers have been told that the company and its advisers have stopped working on the listing plans.
United Petroleum’s camp – including lead managers Credit Suisse and Morgan Stanley and law firm Herbert Smith Freehills – had ramped up the listing plans in recent months, setting a December 31 target date and lodging forms with the corporate regulator.
It was always an ambitious plan, particularly with an abundance of rival floats in the market including $1 billion-plus potential listings from Inghams Group, Alinta Energy and Moly-Cop, which are all seeking to raise money and commence trading before the end of the year.
United Petroleum has 4.9 per cent of the Australian retail fuel market according to IBISWorld, and was expected to be worth up to $1 billion.
It’s not the first time the company had made a push at the ASX-boards.
The retailer went on a non-deal roadshow to spruik its prospectus early last year, before the deal was pulled and the company and its advisers went about restructuring the prospective offer.