Texas-based petroleum company EP Energy Corp. said it expects its initial public offering to be priced at $23-$27 per share, raising about $1.08 billion. EP Energy is controlled by New York private equity firm Apollo Global Management LLC.
According to a report by Reuters, EP Energy said that it will sell 40 million Class A common stock on the New York Stock Exchange. Based on the number of outstanding shares, the oil and gas firm would be valued at about $7 billion at the top end of its expected range.
EP Energy filed for an IPO in September last year, less than 18 months after an Apollo-led group took it private for $7.15 billion in May 2012. Its other investors include private equity firm Riverstone Holdings LLC, industrial group Access Industries Inc. and state-owned Korea National Oil Corp., the report said.
EP Energy struck deals in early 2012 to sell off some of its natural gas and coal bed methane properties for $1.3 billion. It said it would use the proceeds to pay downb some of its debt and increase its capital expenditure, Reuters wrote.
Join the Conversation