Riverstone Energy to increase IPO volume

October 22
9:08 PM 2013

A demand from buyers for the minimum GBP670 million or USD1.1 billion was received by Riverstone Holdings LLC. This comes as the firm sought to raise an initial public offer of shares for an energy investment firm in the London bourse.

According to individuals knowledgeable of the situation who spoke on condition of anonymity, the firm would be selling shares of Riverstone Energy Ltd. The said sale is scheduled to be closed by tomorrow but the volume of the offer can be increased internally. Riverstone Energy has standing commitments worth GBP550 million from its cornerstone investors, according to a Sept 24 statement.

Riverstone Holdings, which invests in North American energy assets, is in the business of capital investments focused on exploration and production, midstream, oilfield, power and other renewable markets in the energy industry. The funds raised from the IPO would be reinvested in exploration, production and midstream markets. This plan was confirmed by Riverstone Energy Chairman Robert Wilson.

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