Encana spinoff PrairieSky Canada's biggest IPO in 14 years
Energy royalty unit raises $1.46 billion on Canadian markets
Calgary-based Encana Corp. has raised $1.46 billion in an initial public offering of its PrairieSky Ltd. royalty business.
The natural gas producer announced Thursday that it sold 52 million shares at $28 a share, making it the largest IPO in 14 years.
Encana retains 60 per cent ownership in PrairieSky, which is an energy royalty company holding rights to about 5.2 million acres (2.1 million hectares) of oil and gas areas in central and southern Alberta.
The Toronto Stock Exchange has conditionally approved the listing of the common shares under the symbol "PSK."
Encana CEO Doug Suttles has a strategy to turn around the company, which has been hurt by falling gas prices, by selling assets and focusing on properties that produce higher-value oil and gas.
The company recently bought a large oil-producing property in south Texas for $3.1 billion