Eni, how the Var Energi listing went
The Norwegian oil company Var Energi, a joint venture between Eni and HitecVision, announced its value at the listing in Oslo: it is the lowest among those previously communicated. Here are details and objectives
The Norwegian oil company Vår Energi, the result of the joint venture between Eni and the private equity firm HitecVision, today announced its listing value on the Oslo stock exchange: 70 billion Norwegian crowns (approximately 6.9 billion euros) in total, or 28 crowns per share, the minimum value of the previously communicated price range.
WHAT VAR ENERGI HAD SAID
In fact, last February 4, Vår Energi had said that, at the time of the initial public offering, his shares would be sold at a price between 28 and 31.5 crowns each; as a result, the company's valuation ranged from 70 to 79 billion crowns.
ENI'S PLAN BEHIND THE LISTING OF VAR ENERGI
Last month Eni announced its intention to list Vår Energi on the Norwegian Euronext stock market. The purpose of the move was to raise liquidity from fossil fuel assets in order to have expendable resources to finance the ecological transition plan.
Lately, many energy company initial public offerings have been postponed over and over again – that's the case with Wintershall DEA and Neptune Energy, for example. However, it was the high prices of oil and gas that pushed Eni to carry on the listing of Vår Energi – of which it owns 69.8 percent: HitecVision has the remaining 30.1 percent. The initial public offering, Reuters writes, includes 8.8 percent of Vår's shares, and eventually 12.7 percent could be reached.
Stock trading is expected to start on Wednesday.
ESTIMATES ON PROFITS
According to the financial group Bestinver Securities, the initial public offering of Vår Energi will allow Eni to accelerate with investments in clean energy, estimating for the company a gain of around 3 billion euros in the event of a placement of 20 percent.
THE BANKS INVOLVED
The banks involved in Vår Energi's initial public offering are DNB Markets, JP Morgan, Morgan Stanley, SpareBank 1 Markets, ABG Sundal Collier, BofA Securities, Carnegie, Jefferies and Pareto Securities.
THE NUMBERS OF VAR ENERGI
In the third quarter of 2021, Vår Energi produced around 247,000 barrels of oil equivalent per day. It aims to reach 350,000 barrels a day by the end of 2025. 37 percent of the company's output in the third quarter of last year was natural gas.
Vår Energi recently raised his 2022 dividend forecast from $ 700 million to a low of $ 800 million.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/eni-quotazione-var-energi/ on Mon, 14 Feb 2022 15:08:11 +0000.