Kuwait Energy Files for Listing on London Exchange in OPEC first

Published May 4th, 2017 - 08:21 GMT
Kuwait Energy expects to raise around $150 million from the IPO, which is expected to start trading in June.
 (Shutterstock)
Kuwait Energy expects to raise around $150 million from the IPO, which is expected to start trading in June. (Shutterstock)

Oil and gas exploration firm Kuwait Energy is planning to become the first company from the OPEC to have its stock traded on the London Stock Exchange, Bloomberg reported.

Read more: Kuwait Petroleum Reports $715 Million Net Profit Despite Competition, Oil Turbulence

In a statement issued on Wednesday, the firm said it expects to raise around $150 million from the IPO, which is expected to start trading in June. 

According to Bloomberg, Numis Corp and Bank of America are joint global coordinators for the listing and EFG Hermes is a bookrunner on the IPO. 

The listing comes as Kuwait introduces regulatory changes to attract more foreign investors to its equity market, Bloomberg noted.

Kuwait Energy said it has 10 exploration, development and production assets in Egypt, Iraq, Oman and Yemen. Of these it operates seven, according to the filing.

The firm produced 24,432 barrels of oil a day last year from 24,988 in 2015, it said.

Read more: Could 2017 Be The Year Of GCC IPOs?

Companies in London have raised $2.4 billion from IPOs this year, compared with nearly $3 billion in the same period in 2016, according to data compiled by Bloomberg.


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