Oilfield services company, Topaz Energy and Marine, will raise $500 million in an initial public offering in London, Reuters reports. The Dubai-based oil subsidiary of Renaissance Services intends to sell a 25-30% stake in the company, made up of new shares.

It is yet to be decided whether any existing shares will also be sold in the offering. The offering, which is estimated to be completed in early April, is being managed by Bank of America Merrill Lynch and JP Morgan. Click here for the story from Reuters.