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    VAR   NO0011202772

VAR ENERGI

(VAR)
  Report
Real-time Oslo Bors  -  10:29 2022-08-12 am EDT
40.30 NOK   +1.08%
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Var Energi IPO Priced at Bottom of Range

02/14/2022 | 05:13am EDT

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 dominic.chopping@wsj.com


(END) Dow Jones Newswires

02-14-22 0513ET

Stocks mentioned in the article
ChangeLast1st jan.
ENI SPA 0.35% 11.63 Delayed Quote.-4.83%
HITECVISION AS 0.00% 150 End-of-day quote.0.00%
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
OSLO BØRS BENCHMARK -0.38% 1261.75 Real-time Quote.5.42%
VAR ENERGI 1.08% 40.3 Real-time Quote.0.00%
WTI -2.31% 91.866 Delayed Quote.24.73%
All news about VAR ENERGI
08/11Vår Energi Shareholder HitecVision To Restructure Stake Held Through Funds
MT
08/04VÅR ENERGI ASA : Ex dividend Q2 2022
AQ
07/26TRANSCRIPT : Vår Energi AS, Q2 2022 Earnings Call, Jul 26, 2022
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07/26Vår Energi Reiterates FY22 Guidance Despite High Maintenance, Turnaround Activity in Q2
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07/26Key information relating to cash dividend to be paid by Vår Energi ASA
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07/26Vår Energi reports second quarter 2022 results
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07/26Vår Energi as Provides Production Guidance for 2022
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07/26Vår Energi AS Resolves Dividend for the Second Quarter of 2022, Payable on August 11, 2..
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07/19Vår Energi ASA to announce second quarter 2022 results on 26 July
AQ
07/11VÅR ENERGI : Second quarter 2022 production update
AQ
More news
Financials (USD)
Sales 2022 10 347 M - -
Net income 2022 1 465 M - -
Net Debt 2022 3 190 M - -
P/E ratio 2022 7,16x
Yield 2022 8,49%
Capitalization 10 496 M 10 496 M -
EV / Sales 2022 1,32x
EV / Sales 2023 1,39x
Nbr of Employees 900
Free-Float 15,3%
Chart VAR ENERGI
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Var Energi Technical Analysis Chart | MarketScreener
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Technical analysis trends VAR ENERGI
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 4,20 $
Average target price 4,82 $
Spread / Average Target 14,6%
EPS Revisions
Managers and Directors
Torger R°d Chief Executive Officer
Stefano Pujatti Chief Financial Officer
Thorhild Widvey Chairman
Rune Oldervoll Vice President-Operations
Ove Gusevik Director
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