Mubadala CEO speaks on IPO

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 yesterday.

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

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