Canada-based Cardinal Energy Ltd was able to raise CAD 225 million or USD 212 million in its initial public offering, according to a Bloomberg report which cited a regulatory filing today. Cardinal Energy is an oil focused exploration and development firm which operates in Alberta and Saskatchewan. According to the report, the IPO of Cardinal Energy is the biggest in Canada in seven months.

The sale prospectus revealed that the oil producer was able to sell 21.4 million shares at a price of CAD 10.50 apiece. Citing sale documents filed last month, the report said the Calgary-based firm initially expected to offer anywhere from 21.4 million to 22.5 million shares at a marketing range of CAD 10 to 10.50 per share. The energy producer's IPO was led by Royal Bank of Canada and Canadian Imperial Bank of Commerce.

Proceeds from the IPO will be used to help fund the acquisition of oil-and-gas properties located in southeast Alberta. Filings with regulators showed that the purchases would be worth CAD 210 million, the report said. Led by Chief Executive Officer Scott Ratushny, Cardinal Energy said it started to operate in May last year with the aim of being able to establish a dividend-paying, oil-focused firm.

In a November 21 report, Bloomberg said cited a filing which said that Cardinal Energy intends to pay an annual dividend of 65 cents per share which will be disbursed monthly. The report also said that Ratushny is aiming for a 5% to 10% annual production growth.

The largest IPO in Canadian energy was undertaken by Oryx Petroleum Corp which was able to raise CAD 250.5 million last May 9, the report said. Data gathered by Bloomberg also revealed that Canadian firms were able to raise USD 2.84 billion in their public debuts this year. This outperformed the USD 2.66 billion raised for all of 2012.