Eni's Vaar Energi sets out $9 bln Oslo IPO (updated)

Sparebank 1 Sorost-Norge

04/02/2022 06:51

(Adds details of offering)
    OSLO, Feb 4 (Reuters) - Oil and gas firm Vaar Energi said on
Friday its planned stock market listing could value the Eni
 ENI.MI  spin-off at up to 79 billion Norwegian crowns ($9.08
billion) when it goes public in Oslo this month.
    Eni last month announced the intention to float https://www.reuters.com/article/eni-vaar-ipo-idUSKBN2JY0DK
 Vaar on Euronext's Norwegian stock market, one of several moves
by the Italian energy group to free up cash from legacy fossil
fuel businesses to fund its green drive.
    Vaar on Friday said its shares will be sold at between 28
and 31.5 Norwegian crowns each, valuing the company at between
70 billion and 79 billion crowns, with an aim to start trading
on Feb. 18.
    The offering will initially comprise 8.8% of Vaar's shares,
with an option to increase the size of the IPO to 12.7% of the
stock, Vaar said.
    Eni currently owns 69.85% of Vaar and has said it will
remain a majority shareholder. Private equity investor
HitecVision, the junior partner in the joint venture, holds the
remaining 30.15%.
    
($1 = 8.6999 Norwegian crowns)

 (Reporting by Terje Solsvik; editing by Richard Pullin and Kim
Coghill)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))