Sundance Energy Australia Ltd. (ASX: SEA.AX) opened its initial public offering (IPO) of 7,750,000 American depository shares (ADS), after applying to list them on the NasdaqGS under the “SNDE” ticker, the company said Feb. 5.
Each ADS represents 20 ordinary shares, the company added, noting that the IPO should be priced between $16.50-$18.50 per each ADS. Sundance Energy also offered underwriters a monthlong option to buy up to 1,162,500 extra ADS’s to cover overallotments, the company said.
Net proceeds will be used for the company’s development program in the Eagle Ford and Mississippi/Woodford areas, as well as for general corporate purposes, the company said.
Wells Fargo Securities LLC, Canaccord Genuity Group Inc. (TO: CF.TO), and UBS Investment Bank are joint book-running managers, with Scotiabank/Howard Weil and Simmons & Company International as co-managers, the company said.
Sundance Energy is headquartered in Denver, Colo. Sundance Energy Australia Ltd. explores, develops and produces oil and natural gas throughout North America.
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