Karoon Gas IPO Due Today

Karoon Gas IPO Due Today

Brazil Equity Australia

Karoon Gas Australia plans to price the IPO of its Brazilian subsidiary today, a deal expected to raise more than BRL1bn. After a week’s postponement, Karoon, the owner of exploration blocks in Brazil and Peru, plans to sell 1.03m primary shares, representing a 31.90% stake, at a range of BRL1,025.00-BRL1,275.00 each. The deal would raise BRL1.18bn if priced at its BRL1,150 midpoint. A 15% greenshoe is also available. Karoon plans to use the proceeds to drill in 5 Peruvian and 7 Brazilian blocks

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