A new Canadian energy royalty and infrastructure company is testing the appeal of investors in an industry rocked by the pandemic with an initial public offering due next month.
Calgary-based Topaz Energy Corp., a unit of natural gas producer Tourmaline Oil Corp., intends to raise a total of $252.5 million? — $217.5 million though the IPO and a further $35 million via a secondary share issue by Tourmaline, according to a draft prospectus filed Thursday. An over-allotment of shares could see as much as $285 million raised.
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The IPO is scheduled for after mid-October with shares priced at $13 to $15, the company said. The listing will be done on the TSX under the symbol TPZ with Peters & Co. Ltd. and Bank of Nova Scotia leading the underwriter syndicate, according to Topaz.
“Topaz’s unique, low risk, income-oriented business model supports becoming a financial partner of choice to enable select high quality operators to achieve their growth plans,” the company said in its prospectus.