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MEG Energy Said to Seek C$1.25 Billion in Canadian IPO

MEG Energy Corp., a Canadian oil- sands developer partly owned by China’s CNOOC Ltd., may raise as much as C$1.25 billion ($1.22 billion) in an initial public offering, according to three people familiar with the sale.

MEG is seeking to raise between C$1 billion and C$1.25 billion in the second-largest IPO this year in Canada, after a C$1.35 billion offering from Athabasca Oil Sands Corp. in April.

MEG Energy, with 840 square miles (2,175 square kilometers) of oil-sand leases, is raising money to fund its project at Christina Lake, which has produced oil since 2008, according to a filing yesterday.

The Calgary-based company is owned by Warburg Pincus LLC, a New York-based investment firm, which has about 26 percent of the firm, while CNOOC, China’s largest offshore energy producer, holds a 17 percent stake. MEG has raised more than C$2.3 billion of equity from private investors since 2007, the company said.

Credit Suisse Securities Canada is leading a group of banks including BMO Nesbitt Burns, Barclays Capital Canada and Morgan Stanley Canada for the sale. MEG may be priced next month, people familiar said.

Companies have sold $2.85 billion in stock through IPOs in Canada this year, 57 percent more than the $1.82 billion raised in all of 2009, according to Bloomberg data.

MEG Chief Financial Officer Dale Hohm declined to comment on the details of the offering.

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