North Sea oil and gas producer Ithaca Energy has confirmed it aims to undertake an initial public offering (IPO) on the London Stock Exchange.
At least 10% of newly issued shares will be floated as part of the offering, with proceeds going to owner Delek Group, which will reduce its own ownership stake in Ithaca based on gross proceeds raised.
Offer price and the maximum number of ordinary shares to be sold are yet to be determined and will follow a book-building process.
Delek bought out Ithaca from AIM shareholders in 2017, paying US$646mln for its equity, with the producer being given an enterprise value of US$1.2bn.