Samudra Energy withdraws Singapore IPO on fears of market volatility

It could have raised as much as S$276 million.

Samudra Energy, an Indonesian oil and gas company, said that it will not proceed with its initial public offering (IPO) in Singapore now, due to fears of market volatility.

According to Reuters, the deferment came as units in Accordia Golf Trust , which raised S$758.54 million ($608 million), made its trading debut 10 percent below the IPO price on the Singapore Exchange (SGX) on Friday.

"In light of recent heightened market volatility, the company has decided not to proceed with the IPO at this time," the company said in an email to Reuters.

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