Var Energi Says Offering Is Multiple Times Oversubscribed Ahead of Oslo Listing

By Dominic Chopping

STOCKHOLM--Norwegian oil-and-gas company Var Energi AS said late Monday that its initial public offering, including the overallotment option and the upsize option, is multiple times oversubscribed at the offer price of 28 Norwegian kroner ($3.15) a share.

The offering consists of up to 220 million existing shares offered in equal parts by the company's shareholders Eni Spa and HitecVision AS. In addition, the shareholders have an option to sell in equal parts up to 55 million additional existing shares through an upsize option and the joint global coordinators may overallot up to 41.25 million additional shares.

Eni Spa and HitecVision AS have resolved that the upsize option will be utilized in full, it added.

Var Energi earlier Monday priced its initial public offering at NOK28 a share, the bottom of the indicative range, valuing the company at NOK70 billion ahead of its planned listing on the Oslo Stock Exchange on Wednesday.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

02-15-22 0218ET