Regions

Apollo-backed EP Energy to raise $1.08B in New York IPO

January 6
9:25 PM 2014

Texas-based petroleum company EP Energy Corp. said it expects its initial public offering to be priced at $23-$27 per share, raising about $1.08 billion. EP Energy is controlled by New York private equity firm Apollo Global Management LLC.

According to a report by Reuters, EP Energy said that it will sell 40 million Class A common stock on the New York Stock Exchange. Based on the number of outstanding shares, the oil and gas firm would be valued at about $7 billion at the top end of its expected range.

EP Energy filed for an IPO in September last year, less than 18 months after an Apollo-led group took it private for $7.15 billion in May 2012. Its other investors include private equity firm Riverstone Holdings LLC, industrial group Access Industries Inc. and state-owned Korea National Oil Corp., the report said.

EP Energy struck deals in early 2012 to sell off some of its natural gas and coal bed methane properties for $1.3 billion. It said it would use the proceeds to pay downb some of its debt and increase its capital expenditure, Reuters wrote.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics