Sunshine Oilsands Ltd, a Canadian oil explorer backed by Chinese state-owned enterprises, has delayed the launch of a planned up to $700 million initial public offering in Hong Kong that was expected to be the biggest new listing in Asia this year, The Wall Street Journal said on Saturday.
The oilsands firm, which is backed by Chinese investors including insurer China Life Insurance (Group), was due to start taking orders on Monday, but had postponed its roadshow indefinitely, the Journal said, citing two people familiar with the deal. The delay was caused by a technical issue on the Canadian part of the IPO prospectus, with the roadshow expected to start on February 15 or possibly a week later, a source with direct knowledge of the IPO plans told Reuters on Saturday.