Varo Energy cancels plans for IPO on Euronext: Reuters

Varo Energy BV said on Tuesday it had decided not to proceed with plans for a flotation on the Euronext stock exchange in Amsterdam, citing poor market conditions.

In a statement, the company said there was “considerable institutional investor interest” in an offering, but shareholders Carlyle Group, Reggeborgh and Vitol had decided not to proceed.

Varo produces and supplies oil products for cooking, the plastics industry, transport, and bitumen for road construction in north-west Europe.