RE: !!! Welcome back, Ithaca energy !!!9 Nov 2022 08:25
LONDON, Nov 9 (Reuters) - Shares in Ithaca Energy opened below the price of 250 pence set for their initial public offering on Wednesday, in a closely watched debut, as European markets have been starved of IPOs since Russia's invasion of Ukraine.
Share in the North Sea oil and gas producer opened 2% below the issue pricing, at 244.95 pence, and briefly fell by as much as 4% to a low of 240.05 pence, before recovering to 246.35 pence, down 1.5%.
The IPO price tag gave an overall initial valuation of 2.45 billion pounds ($2.83 billion) for the company, slightly less than initially expected.
Ithaca, which produced about 66,700 barrels of oil equivalent per day (boed) in the first half of the year, market debut is closely watched amid renewed interest in the North Sea region, as Europe grapples with the energy crisis.
The listing is a rare sign of life in Europe's IPO market, where activity has plummeted since war broke out in Ukraine. (Reporting by Joice Alves; Editing by Amanda Cooper)