Dubai-based oil services company, Topaz Energy and Marine, is seeking to raise £311 million from a London flotation in April 2011, The Wall Street Journal reports. The IPO may be priced at 170 pence a share to 230 pence a share. The company may use the proceeds to finance its expansion strategies. Renaissance Services is planning to retain a majority stake in the company. JP Morgan Cazenove is the sole global coordinator and sponsor and is joint bookrunner with Bank of America Merrill Lynch on the offering.
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