Jubilant float stalls on high price

Plans by Jubilant Energy, the Indian oil and gas firm, to list on London's stock market are believed to have stalled as the company's owners refuse to drop their asking price.

Just days after India's Essar Energy finally secured investor support for its flotation after slashing the value of its shares, it is thought that Jubilant's plan to follow with an IPO could be hampered by what one adviser described as the firm's "totally unrealistic price expectations".

Jubilant, part of the giant Indian conglomerate owned by Shyam and Hari Bhartia, has yet to secure advisers to handle the offering.

Jubilant first sought a listing in 2007 when the firm is believed to have carried a valuation of around £800m. City sources said that Jubilant was now worth "a hell of a lot less". A spokesman for Jubilant did not respond to emails.

News of Jubilant's struggles comes as a number of firms have been forced to shelve their IPOs. Among them is the Russian fertiliser group UralChem which ditched its plan for a £400m London IPO last week.