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Oryx Petroleum Raises C$251 Million in Scaled Back IPO

May 9 (Bloomberg) -- 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.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

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