initial public offerings (IPOs) trading on American exchanges

Tuesday, October 25, 2011

Glori Energy files for IPO of up to $115 mln

Oct 5 - Glori Energy Inc, which uses biotechnology to release oil trapped in reservoirs, filed with U.S. regulators on Wednesday to raise up to $115 million in an initial public offering of its common stock.

* Credit Suisse, UBS, Piper Jaffray lead underwriters

* Intends to list under "GLRI" on NASDAQ

The company said it planned to use the net proceeds from the offering for general corporate purposes, which may include the acquisition, restoration and operation of low-producing oil fields.

The Houston-based company told the U.S Securities and Exchange Commission in a preliminary prospectus that Credit Suisse, UBS investment bank, Piper Jaffray and Robert Baird & Co were underwriting the IPO.

Investment company GTI Group and Energy Technology Ventures -- a joint venture of General Electric Co GE.N>, ConocoPhillips and NRG Energy Inc -- are some of the biggest stakeholders of Glori.

The company, which did not reveal how many shares it planned to sell or their expected price, intends to list its common stock on the Nasdaq under the symbol "GLRI".

No comments:

Post a Comment