Varun delays Singapore IPO submission-paper

SINGAPORE, June 10 (Reuters) Varun Shipping Co., India's largest owner of liquefied natural gas vessels by tonnage, has delayed the registration of its Singapore listing, the Business Times reported on Saturday, citing sources.

Varun , which is listed in Mumbai, had lodged a preliminary prospectus with the Monetary Authority of Singapore on April 3 and missed the Friday deadline for the registration of its final prospectus, the Singapore business newspaper said.

The company will now have to seek permission to lodge the final prospectus at a later date, the newspaper added.

Varun said its issue ''has not been postponed'' but added that it would launch its issue only when market conditions were ''more conducive''.

Singapore's key Straits Times Index <.sti> stood at 2,548.68 points when Varun published its preliminary prospectus and continued to surge for another month to hit an all-time high of 2,659.65 on May 3.

But global jitters over rising U.S. interest rates have weakened sentiment since and the index is now about 12 percent down from its May peak.

Shipping firm Pacific King Shipping Holding postponed its Singapore listing last month, citing poor stock market conditions.

REUTERS CS ND1138