Ophir decided last night to price the new shares in the group at 250p, the bottom of the 250-280p price range. Ophir’s share offering was comfortably oversubscribed, sources told City A.M.
The exploration firm, which has made a significant gas discovery off the coast of Tanzania with partner BG Group, aims to raise up to $403m from the listing.
“It’s not a good market for IPOs and the important thing is to get this away,” one analyst said.
One IPO banker, not involved in the deal, said: “It’s really good to see these things working again.” Sources said the group had attracted widespread interest.