Ophir Energy will raise about $375 million from an initial public offering (IPO) in London, Reuters reports. The listing will value the company, backed by steel magnate Lakshmi Mittal, at $1.28 billion.
The Africa-focused oil and gas company may use the proceeds to fund its exploration plans, including drilling of 12 wells over the next 18 months. Credit Suisse, JP Morgan and RBC Capital are the bookrunners for the offering.
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