TORONTO, Oct 30 (Reuters) - Seven Generations Energy is set to raise C$810 million ($723 million) via an initial public offering that priced at the lower end of a previously anticipated range, according to regulatory documents.
The independent petroleum company, which is selling some 45 million shares, priced the share offering at C$18, at the lower end of its anticipated range of C$17 to C$21.
The shares, which began trading on the Toronto Stock Exchange on Thursday on a “when-issued” basis, surged more than 16 percent in morning trading, indicating investors still have a strong appetite for energy stocks despite the recent selloff in the price of oil.
The stock, which is set to officially begin trading in about a week, was the second most actively traded scrip on the Toronto Stock Exchange on Thursday.
$1 = $1.1197 Canadian Reporting by John Tilak and Euan Rocha; editing by Andrew Hay