Topaz Ekes Out Gain on Biggest Canada Energy IPO Debut Since ‘17
Topaz Slips in Debut After Biggest Canada Energy IPO Since 2017
(Bloomberg) -- Topaz Energy Corp. shares eked out a gain in its Toronto Stock Exchange trading debut after completing Canada’s biggest energy initial public offering in three years.
Shares of the Calgary-based royalty and energy infrastructure rose about 0.1% to C$13.01 on an “if, as and when issued basis,” slightly above its C$13 IPO price.
Topaz Energy and Tourmaline Oil Corp., its majority shareholder, raised C$230.5 million ($175 million) in the Canadian stock sale on Monday, in which shares were sold at the bottom end of its marketed range. The sale was the biggest IPO to come out of Alberta’s energy patch since Kinder Morgan Canada Ltd.’s offering in 2017. Peters & Co. Ltd. and Bank of Nova Scotia led the sale.
Read More: Topaz Energy Raises $175 Million With Tourmaline in Canadian IPO
Shares of Calgary-based Tourmaline gained about 4.8% Tuesday, and have risen about 17% this year, outperforming the Canadian energy index, which has lagged roughly 38% during the same period.
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