Sold shares for a total of NOK 7.7 billion to 19,000 investors
The third largest listing on Oslo Børs with market capitalisation of NOK 70 billion
The first listing on Oslo Børs Main Market in 2022, and the 10th on Euronext markets
Oslo – 16 February 2022 – Oslo Børs, part of the Euronext Group, today congratulates Vår Energi on its listing on Oslo Børs (ticker: VAR). This is the third largest listing on Oslo Børs through time measured in market capitalisation on the day of listing. In addition, it is the first listing on our main market this year, and the 10th listing on Euronext markets.
Vår Energi is an oil and gas operator formed in 2018 following the merger of Eni Norge and Point Resources. The company is one of the largest independent upstream oil and gas companies operating on the Norwegian continental shelf, with more than 50 years of experience and a diversified portfolio.
A total of 275 million shares were sold in the offering for a total of NOK 7.7 billion, excluding the overallotment/ greenshoe option of 41,25 million shares. The IPO price was set at NOK 28 per share, corresponding to a total estimated value of the company of NOK 70 billion.
Torger Rød, CEO of Vår Energi said: “Our IPO is a natural next step for Vår Energi in realizing our full potential as a leading oil and gas company on the attractive Norwegian continental shelf. With our experienced and talented employees and robust and diversified asset portfolio, we are committed to deliver a better future and significant values to our stakeholders in the years to come. We have set ambitious growth targets and our cash flow and solid balance sheet support attractive, resilient distributions to our shareholders.”
The bell ceremony video is available here: https://youtu.be/dwR_NlfOhWQ
Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). The company is committed to deliver a better future through responsible value driven growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record. Their ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader and a net-zero producer (Scope 1 and 2) by 2030.
Vår Energi has more than 900 employees and equity stakes in 36 fields producing net 247,000 boe per day in the third quarter of 2021. The company has their headquarters outside Stavanger, Norway, with offices in Oslo and Hammerfest. To learn more, please visit varenergi.no.