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Riverstone Energy confirms London IPO raising £760mln

Riverstone Energy confirms London IPO raising £760mln

Riverstone Energy is to float as a premium listing on the London Stock Exchange after raising £760.3mln (US$1.23bn) from investors.

The newly formed investment company, backed by private equity group Riverstone Holdings, is issuing 76mln shares priced at £10 each and trading will begin in London on October 29, though 'when issued' trading is already underway.

Riverstone Energy chairman Robert Wilson, meanwhile, said: "We are delighted that investors have responded so positively.”

“The interest shown by both institutional and cornerstone investors is a strong endorsement of the investment proposition and we are now fully focused on delivering the strategy we outlined at IPO."

According to Riverstone founders David Leuschen and Pierre Lapeyre, the new vehicle will provide a ‘unique entry point’ to exploration & production (E&P) and midstream investments.

The plan is for the listed Riverstone Energy to participate in projects alongside the private equity associate, which has notable investments including a 46% stake in UK shale drilling and fracking firm Cuadrilla.

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