Oryx Petroleum Raises C$251 Million in Scaled Back IPO

Oryx Petroleum Corp. Ltd. raised C$250.5 million ($249.7 million) in an initial public offering after cutting the size of the sale.

Oryx Petroleum sold 16.7 million shares for C$15 each, the Calgary-based company said in a statement. The company originally sought to raise as much as C$350 million by marketing the shares at C$20 to C$23 apiece, sale documents showed last month.

Royal Bank of Canada, Barclays Plc, Bank of America Merrill Lynch and Bank of Montreal led the sale of Addax & Oryx Group Ltd.’s Iraq and West Africa exploration business. The stock will trade on the Toronto Stock Exchange under the symbol OXC.

Addax & Oryx is an energy firm established in 1987 by billionaire Jean Claude Gandur, who worked in the Zug, Switzerland office of Philipp Brothers before setting up a Geneva oil-trading firm.

Oryx Petroleum was founded in 2010 by Addax & Oryx and members of the former senior management team of Addax Petroleum Corp., an exploration and production unit sold to China’s Sinopec Group in 2009.

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