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    ENI   IT0003132476

ENI S.P.A.

(ENI)
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Delayed Borsa Italiana  -  05/16 11:41:17 am EDT
13.83 EUR   +1.36%
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Var Energi to Launch IPO and Apply For Oslo Listing

01/24/2022 | 04:20am EDT

By Dominic Chopping


Norwegian oil-and-gas company Var Energi AS said Monday that it intends to launch an initial public offering of its shares and apply for a listing on Oslo Bors.

The IPO plan follows an announcement made by shareholders Eni SpA and HitecVision AS in October of their intention to initiate a strategic review regarding the future ownership structure of Var Energi to better pursue future growth and maximize value creation.

The company said the IPO is expected to consist of a sale of existing shares held by Eni and HitecVision, who currently own 69.85% and 30.15%, respectively, and is subject to approvals from Oslo Bors and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital market conditions.

Eni and HitecVision intend to remain active owners after the IPO, with Eni intending to retain a majority stake, it said.

Var Energi is an independent oil-and-gas producer that conducts exploration, development and production activities exclusively on the Norwegian Continental Shelf. It was founded in 2018 through the merger of Eni Norge and Point Resources.

The company had total petroleum revenues for the nine months ending Sept. 30, 2021, of $3.8 billion and earnings before interest, tax, depreciation and amortization of $2.7 billion. Free cash flow for the period was $1.6 billion.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

01-24-22 0420ET

Stocks mentioned in the article
ChangeLast1st jan.
ENI S.P.A. 1.36% 13.826 Delayed Quote.13.14%
HITECVISION AS 9.09% 180 End-of-day quote.20.00%
LONDON BRENT OIL 0.44% 112.647 Delayed Quote.41.60%
NORWAY OSLO BORS BENCHMARK(TRG) 0.39% 1219.44 Real-time Quote.1.11%
WTI 1.11% 111.617 Delayed Quote.44.13%
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Analyst Recommendations on ENI S.P.A.
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Financials
Sales 2022 102 B 106 B 106 B
Net income 2022 8 995 M 9 358 M 9 358 M
Net Debt 2022 13 093 M 13 621 M 13 621 M
P/E ratio 2022 5,43x
Yield 2022 6,36%
Capitalization 48 941 M 50 916 M 50 916 M
EV / Sales 2022 0,61x
EV / Sales 2023 0,60x
Nbr of Employees 32 689
Free-Float 68,8%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 13,83 €
Average target price 16,27 €
Spread / Average Target 17,7%
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Managers and Directors
Claudio Descalzi COO-Exploration & Production Division
Francesco Gattei Chief Financial Officer
Lucia Calvosa Chairman
Francesca Zarri Director-Technology, Digital, R&D
Giuseppe Ricci Deputy Chief Operating Officer
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