Hygo Energy Transition, which provides integrated downstream liquefied natural gas solutions in Brazil, postponed its IPO on Friday. It had filed to raise $450 million by offering 23.1 million shares at a price range of $18 to $21.
The postponement follows news that Hygo's CEO, Eduardo Antonello, was reportedly named in a corruption investigation in Brazil. Hygo is a joint venture between Golar LNG (Nasdaq: GLNG) and infrastructure-focused private equity firm Stonepeak Infrastructure Partners. Shares of Golar fell 32% on Thursday, and the stock is down more than 50% from last week.
The Hamilton, Bermuda-based company was founded in 2016 and booked $44 million in revenue for the 12 months ended June 30, 2020. It had planned to list on the Nasdaq under the symbol HYGO. Morgan Stanley, Goldman Sachs, Citi, Barclays, BofA Securities, BTG Pactual, BTIG, Credit Suisse, Itau BBA, UBS Investment Bank and XP Investimentos were set to be the joint bookrunners on the deal.
