Nordcap cancels IPO

Nordcap Offshore has cancelled plans for an initial public offering (IPO) in Oslo, the company disclosed Wednesday.

The Willem Dekker-led company said demand, despite being significant, did not meet the targeted equity requirement.

The start-up company said in a statement that it will “consider whether the offering will be re-launched at a later date.”

News of the cancellation comes after the Oslo Axess listing hopeful delayed the closing of its IPO book on Tuesday.

Nordcap had been hoping to collect over $200m from the float with the funds set to go towards acquiring 10 PSVs.

Arctic Securities, RS Platou Markets and ABN AMRO are helping Nordcap Offshore in its listing effort.

Nordic American Offshore, a similar PSV pure play, raised just over $100m when it listed in the US last week.