The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Tourmaline Oil Corp is betting investors have an appetite for more Canadian energy stocks, offering up the biggest initial share sale to come out of Alberta’s oil patch in three years.
The Calgary-based natural gas driller is creating a new royalty and energy infrastructure company through an initial public offering of Topaz Energy Corp, with the new entity and Tourmaline aiming to raise about C$252.5 million ($188.3 million) from the stock sale.
That would be the largest IPO of an energy firm in the country since the Kinder Morgan Canada Ltd sale in 2017.
Topaz plans to sell 16.8 million to 19.4 million shares for C$13 to C$15 apiece in an offering expected to close in late October, the firm said in sale documents obtained by Bloomberg.