Var Energi IPO Priced at Bottom of Range
February 14 2022 - 5:28AM
Dow Jones News
By Dominic Chopping
Norwegian oil-and-gas company Var Energi AS said Monday that it
has priced its initial public offering at the bottom of the
indicative range, valuing the company at 70 billion kroner ($7.89
billion) ahead of its planned listing on the Oslo Stock
Exchange.
Italy's Eni SpA--the majority owner of Var Energi--last month
announced plans to list the company to free up cash to accelerate
its energy-transition strategy.
In a statement Monday, Var Energi said the offer price has been
fixed at NOK28 a share, from an earlier announced indicative range
of NOK28-NOK31.50.
"The offering, including the over-allotment option, is multiple
times covered at the offer price," it said.
Eni owns 69.85% of Var Energi with private-equity firm
HitecVision AS owning the remaining 30.15%. Eni said it will retain
a majority stake in the company after the IPO.
Trading on the Oslo Stock Exchange is expected to commence on
Wednesday.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 14, 2022 05:13 ET (10:13 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Eni (BIT:ENI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Eni (BIT:ENI)
Historical Stock Chart
From Sep 2023 to Sep 2024