Fairfield shelves IPO blaming hostile markets

"In the light of market conditions, (Fairfield) has decided against proceeding with its initial public offering of shares and listing on the main market of the London Stock Exchange at this time," the company said in a statement.

The company, which is controlled by private equity companies led by Warburg Pincus, had offered shares at between 220p and 420p when it started the bookbuild on July 5, valuing the firm at up to $1.1bn.

Fairfield had aimed to raise the money for boosting production from its producing oil fields which it acquired in 2008 from Shell and other redevelopment projects.

Around 20 per cent of the proceeds were to be used to finance acquisitions and for exploration and appraisal, the company said in earlier statements.

Goldman Sachs and Credit Suisse were joint global co-ordinators on the deal.

British IPOs have achieved mixed results this year, with investors driving a hard bargain before buying into new listings.