Mubadala waiting for right time to revive Cepsa IPO

Riyadh: Mubadala Investment Company is waiting for the right time to revive the listing of Spanish oil company Cepsa, the Abu Dhabi state investor’s chief executive said on Tuesday.

CEO Khaldoon Al Mubarak said in Riyadh that Mubadala felt that it could get a better valuation if it postponed the IPO.

Mubadala, which had planned to raise about €2 billion ($2.3 billion; Dh8.44 billion) by selling 25 per cent of Cepsa, said on October 15 it had postponed the listing.