Cepsa is delaying its initial public offering (ipo) because of recent uncertainty in international capital markets. The announcement comes less than a month after the Spanish oil and gas company said it would offer a 25% stake, potentially raising up to €2.02 billion.

Parent company Mubadala Investment said it had decided to delay the public offer because the recent market instability had significantly reduced the appetite of international investors,   affecting Cepsa’s valuation.

Musabbeh al-Kaabi, CEO of Mubadala’s petroleum and petrochemicals platform and a member of the Mubadala investment committee, commented: “Even though recent market conditions deteriorated significantly, the feedback from potential investors reinforced our view of Cepsa’s value and the strengths of the underlying business. As a long-term investor, we will consider returning to the market when we believe conditions are favourable.”

Al-Kaabi added that Cepsa “has been and continues to be a significant and valuable part of the Mubadala portfolio”.