Billionaire investor Jean Claude Gandur, through his company Addax & Oryx Group is now on its way to publicly list its oil exploration unit. The unit is Oryx Petroleum and the listing would be made in Toronto, Canada.
According to its website, "AOG's upstream division, Oryx Petroleum, has filed a preliminary prospectus with the securitie authorities in Canada as the first step in the process of preparing for an initial public offering on the Toronto Stock Exchange."
No other details were provided as to the IPO. What was provided though was that the underwriters fo the IPO would be RBC Dominion Securities, Barclays Capital and Merrill Lynch. The proceeds of the IPO would be used to fund its exploration activities until mid 2014.
Oryx is still to earn its first dollar or produce its first barrel. Industry experts, through observation of the latest IPO figures,see that this is a good time for the company to tap the IPO market.
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