Canada’s Griffiths Energy Said to Seek IPO in 2013
Griffiths Energy International Inc., a company founded by late banker Brad Griffiths, is seeking to sell shares in the first half of next year after shelving plans to list in 2012, said people familiar with the matter.
Griffiths is working with Royal Bank of Canada to manage the IPO, two of the people said, asking not to be named as the deliberations are private. It may raise about $150 million, one of the people said. The company had asked banks to pitch and may appoint more managers, another person said.
In September, Griffiths said it raised $173.6 million through a pre-IPO convertible bond due in 2017. The same month, Glencore International Plc (GLEN), the world’s largest publicly traded commodities supplier, agreed to pay $331 million for a stake in an oil field development in Chad with Griffiths.
Calgary-based Griffiths was formed in 2009 by Brad Griffiths, an investment banker who died in a boating accident in July 2011.
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