(CercleFinance.com) – The action of Eni’s Norwegian subsidiary, Var Energi, rose modestly on Wednesday morning for its first day of trading on the Oslo Stock Exchange.
Around 10:20 a.m., the stock posted a gain of 0.4%, showing a capitalization of more than 70 billion crowns (about 6.9 billion euros).
The IPO price had been set at 28 crowns, below the announced range of 28 to 31.5 crowns, but the offer had been largely oversubscribed, and had been for several days.
In total, 275 million shares were put up for sale, representing an amount of 7.7 billion crowns, not counting the over-allotment option which related to 41.25 million additional shares.
Var Energi, Eni’s subsidiary specializing in the exploration and production of oil and gas on the Norwegian continental shelf, was born in 2018 from the merger of Eni’s activities in Norway and Point Resources.
The Stavanger-based company, which holds stakes in 36 hydrocarbon projects, today employs 900 people and produces 247,000 barrels of oil equivalent per day.
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