Seven Generations IPO set to raise C$810 million

Thu Oct 30, 2014 11:53am EDT
 
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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)