Cardinal Energy Climbs 9.8% in First Day of Toronto TradingDoug Alexander
Cardinal Energy Ltd., an oil producer in Alberta, rose 9.8 percent in its trading debut after raising C$225 million ($212 million) during an initial public offering in Toronto.
Cardinal Energy closed at C$11.53 today in Toronto.
The Calgary-based company sold 21.4 million shares at C$10.50 apiece in its IPO earlier this month in a sale led by Royal Bank of Canada and Canadian Imperial Bank of Commerce.
The energy producer will use the proceeds to help pay for a C$210 million acquisition of oil-and-gas properties in southeast Alberta, according to filings with regulators. Cardinal Energy said it began operations in May 2012 with the goal of building a dividend-paying, oil-focused company.