Odfjell Drilling announced that was preparing to list in the Oslo bourse. Its shareholder BCB Paragon Trust Ltd planned to conduct an initial public offering for the company. The owner planned to gather as much as NOK 2.7 billion or USD 458 million in the IPO. Odfjell Drilling is a specialized oil and gas rigs operator.
In an emailed statement to Bloomberg, Odfjell said its owner would be offering 60 million shares in the IPO. The shares would be priced at NOK 37 to NOK 48 per share. BCB Paragon would also be offering 4 million shares for its over-allotment and lending option.
Odfjell said they would not be receiving any of the proceeds. "The offering is expected to generate between 2.07 billion kroner and 2.698 billion kroner in sales proceeds to the selling shareholder, excluding the over-allotment option," Odfjell added.
Odfjell further said that the stock sold comprised 30% of the firm. It would also value the rig operator at NOK 7.4 billion to NOK 9.6 billion. Shares of Odfjell would start to trade in the Oslo bourse on the last day of this month, the company added.
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