Var Energi IPO Priced at Bottom of Range

By Dominic Chopping

Norwegian oil-and-gas company Var Energi AS said Monday that it has priced its initial public offering at the bottom of the indicative range, valuing the company at 70 billion kroner ($7.89 billion) ahead of its planned listing on the Oslo Stock Exchange.

Italy's Eni SpA--the majority owner of Var Energi--last month announced plans to list the company to free up cash to accelerate its energy-transition strategy.

In a statement Monday, Var Energi said the offer price has been fixed at NOK28 a share, from an earlier announced indicative range of NOK28-NOK31.50.

"The offering, including the over-allotment option, is multiple times covered at the offer price," it said.

Eni owns 69.85% of Var Energi with private-equity firm HitecVision AS owning the remaining 30.15%. Eni said it will retain a majority stake in the company after the IPO.

Trading on the Oslo Stock Exchange is expected to commence on Wednesday.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

02-14-22 0513ET