KrisEnergy Ltd is looking to receive up to SGD270 million in net proceeds in its initial public offering. KrisEnergy is a Singapore-based independent upstream gas and oil company.

In a statement made recently, KrisEnergy said it has submitted its the prospectus to the Monetary Authority of Singapore in association with the IPO. The company is issuing 151.99 million shares at the price of SGD1.10 per share. The company said it would eventually issue 90 million shares or more for cornerstone investors.

The controlling shareholders will still be First Reserve and Keppel Corp even after the listing, the firm said. First Reserve is the biggest global private equity firm heavily focused on the energy sector.

Keith Cameron, KrisEnergy's chief executive officer, said the acquisition of new capital will make it easy for the firm to continue pursuing its specialised strategy of exploring hidden value in its essential assets, oil and gas.