Canada's Encana looking to get CAD700 million from PrairieSky Royalty IPO
Encana Corp’s planned public debut in a royalty division was said to be the biggest share sale from 2010 in the oil and natural gas sector of Canada, reported Bloomberg.
Encana’s sale of PrairieSky Royalty has set the first wave of prospected initial public offerings in the country’s oil and gas firms this year. PrairieSky Royalty is the biggest producer of gas in Canada.
The planned IPO was expected to generate CAD700 million from the PrairieSky sale. This was according to two sources who spoke in condition of anonymity as the matter was held private in nature. Secondary offerings have rushed forward followed by forecasts of rebound for shares that are set on sale for the first time.
According to Nova Scotia chief of global investment banking Adam Waterous, the public debut offers would be “quite robust”. He also added during a phone interview last April 11, “That’s the fuel that you need to complete M&A transactions and increase the likelihood of IPOs,” in reference to equity markets.