Mittal-backed Ophir Energy plans £600m London listing
OPHIR Energy, an oil and gas firm backed by Britain’s richest man Lakshmi Mittal, has said it plans to list on the London Stock Exchange in a deal that values the company at more than $1bn (£607m).
The Africa-focused exploration firm is seeking up to $400m from an initial public offering (IPO) and is expected to go straight into the FTSE 250 index.
The company is 21 per cent backed by Mittal Group, the Indian steel magnate’s investment vehicle.
Ophir said it would use the proceeds from the share raising to finance further exploration drilling.
It said it aims to complete the listing in July, subject to market conditions.
Credit Suisse and JP Morgan and RBC Capital Markets are acting as joint bookrunners, whilst Oriel Securities and Standard Bank are also syndicate members.
Lexicon Partners is acting as financial adviser to the company.
Alan Stein, founder of Ophir and executive deputy chairman, said: “We feel that now is the right time to bring the company to the public market in order to facilitate the next stage in Ophir’s development.”