Hydro One IPO set to price at high end of price range - sources

Wed Oct 28, 2015 3:58pm EDT
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By John Tilak and Euan Rocha

TORONTO Oct 28 (Reuters) - Ontario electric utility Hydro One Ltd is set to price at the higher end of its previously disclosed range, according to two sources familiar with the matter.

The company is likely to tighten the offering price range to C$20 to C$21 per share, from the C$19 to C$21 per share it announced earlier, said the sources, who spoke on condition of anonymity.

The offering is being significantly oversubscribed, one of the sources said.

Earlier this month, the government of Ontario said it planned to sell up to 89.25 million Hydro One shares in an initial public offering to be priced between C$19 and C$21, pegging the overall value of the company between C$11.31 billion and C$12.5 billion.

Royal Bank of Canada and Bank of Nova Scotia are the lead underwriters on the deal. (Reporting by John Tilak and Euan Rocha; Editing by Alan Crosby)