Encana Raises $1.34 Billion in PrairieSky IPO
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Encana Corp. raised C$1.46 billion ($1.34 billion) in Canada’s largest initial public offering in 14 years as higher fuel prices sparked a revival of investor interest in the country’s energy industry.
Encana, Canada’s largest natural gas producer, sold 52 million shares in its PrairieSky Royalty Ltd. unit at C$28 each, or a 40 percent stake, according to a statement yesterday. That was at the top of the revised per-share price range of C$26.50 to C$28 after Encana boosted the proposed terms earlier this week.