Journey Energy closes $198 mln IPO, secondary offering
Canadian oil and gas company Journey Energy Inc has completed an initial public offering and a secondary offering of a combined 16.5 million common shares at a price of $12 per share. Together, the offerings raised gross proceeds of $198 million and may go on to raise a total of $228 million. The secondary deal was done by Infra-PSP Partners, a subsidiary of PSP Investments, which has been Journey's principal shareholder. Reuters reported that PSP would retain an investment stake of about 30 percent in the Calgary-based company following the close of the offer. Journey's shares are now listed on the Toronto Stock Exchange under the symbol "JOY".
19 June 2014•4 mins read
