Statoil's Fuel & Retail Unit IPO Raises $802.7 Million
October 22 2010 - 2:45AM
Dow Jones News
Norwegian oil and gas producer Statoil ASA (STO) said late
Thursday that the bookbuilding process for the initial public
offering of its Fuel & Retail ASA unit has been successfully
completed with shares priced at 39 Norwegian kroner each, raising
NOK4.68 billion ($802.7 million) and valuing the company at NOK11.7
billion.
Conditional trading of the shares begins Friday, while
unconditional trading of the shares on the Oslo Stock Exchange will
start on Oct. 27.
"We are pleased to see the positive reception of Statoil Fuel
& Retail by the capital market. The company has been able to
attract a broad range of high-quality investors with a wide
geographical spread. As a shareholder, we have high expectations,"
said Statoil chief executive Helge Lund.
Statoil will sell 120 million shares in the offering, or 40% of
the capital, while the joint global coordinators have over-allotted
18 million shares and exercised their option to borrow 18 million
shares from Statoil for the purpose of covering such
over-allotment.
Statoil will own 60% of the shares if the over-allotment option
is not exercised, or 54% if the over-allotment option is exercised
in its entirety.
Approximately 93% of the shares in the offering were allotted to
institutional investors and 7% of the shares to retail investors
(including employees). Following the offering, Statoil Fuel &
Retail is expected to have approximately 5,000 shareholders.
"Our objective now is to further enhance our focus on the fuel
retailing business, with improved strategic and operational
flexibility," said Jacob Schram, chief executive of Statoil Fuel
& Retail.
ABG Sundal Collier Norge ASA (ASC.OS) and Citigroup Global
Markets Ltd. (C) are acting as joint global coordinators and,
together with Bank of America Merrill Lynch (BAC) as joint
bookrunners, Nordea Markets (NDA.SK) is acting as senior lead
manager and retail coordinator, while Barclays Capital (BCS) and
Carnegie ASA are acting as co-lead managers.
Rothschild and Arctic Securities are acting as financial
advisers to Statoil.
Statoil shares closed Thursday at NOK127.50.
-By Dominic Chopping, Dow Jones Newswires; +46-8-5451-3093;
dominic.chopping@dowjones.com