Oil Startup IPO Gains Momentum

Oil Startup IPO Gains Momentum

Equity

OGX, the oil and gas exploration startup owned by Eike Batista, could raise up to BRL6.45bn ($3.85bn) with a June 11 IPO, according to a local filing. The first big Brazilian IPO of the year was initially expected to raise around $2bn. But the new higher amount could be achieved if the offer prices at the midpoint of a targeted BRL883-BRL1,131 range, and if the company also exercises a greenshoe. OGX aims to take on Petrobras in the booming Brazilian oil business after winning seven exploration

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