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Singapore's Ezra puts on hold US IPO plan for subsea unit

[SINGAPORE] Ezra Holdings, a Singapore-listed oilfield service company, said on Wednesday it had put on hold a plan to list its subsea services unit in the United States, prompted by unfavourable market conditions.

"Given where the markets are, we have effectively put that on hold," Eugene Cheng, group chief financial officer of Ezra, told Reuters.

Mr Cheng said comparable companies were now trading at a ratio of three to four times EBITDA (earnings before interest, tax, depreciation and amortisation), down from seven to eight times EBITDA when Ezra was considering the option.