Ithaca Energy IPO to value the company up to 3.6 bln -bookrunners | Whuff News

LONDON, Nov 2 (Reuters) – Ithaca Energy’s (IPO-IHEG.L) share price in London next week will range from 250 to 310 pence, giving the North Sea oil and gas producer a reported market value of 2.5 billion to 3.1 billion pounds (2.87 billion dollars to 3.56 billion dollars), accountants in the agreement said on Wednesday.

Ithaca, which produced around 66,700 barrels of oil equivalent per day (boed) in the first half of the year, expects to qualify for inclusion in the FTSE UK indices.

The listing of the company, owned by Tel Aviv-listed Delek Group ( DLEKG.TA ), comes amid a sharp decline in equity capital market deals this year.

There is renewed interest in the North Sea region due to the energy crisis, with Britain recently launching its first round of oil and gas exploration licenses from 2019 in a bid to boost domestic production.

Bookkeepers said the listing is expected to have a free float of at least 10%, with the first day of sales on November 9.

($1 = 0.8702 pounds)

Report by Huw Jones; edited by Jason Neely

Our standards: The Thomson Reuters Trust Principles.

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