Fairfield stuck with IPO target

According to the revelation made by the Financial News, the North Sea oil group has been jostling to churn out adequate attention to acquire its first public offering (IPO) far as the tome had yet to be swathed with in just 36 hours in front of the drift.

The oil group, which had been expecting to climb amidst the $450m and $500m, is now all set to seal the books on the contract at 16.30 BST today.

The book driving banks shall then meet with the board of the group to confer on how to move ahead further. Fairfield is managed and owned by private equity firms donned by Warburg Pincus.

According to Bloomberg, the contract still had not been completely wrapped as of midday, although one of the bankers on the agreement expressed that it is not unusual in a thorny market to find a dash of instructions in the final few hours as shareholders were waiting till the last available minute to consign to the deal.

However it is expected that if there is not adequate backup for the deal, the group shall likely to declare tomorrow morning that the listing shall be postponed.