Riverstone energy arm float to raise up to £1.5bn
The flotation of Riverstone Energy Limited (REL) is expected to raise between £670 million and £1.5 billion, of which £550m has already been committed by five “cornerstone” investors and Riverstone itself.
REL will invest its money across the global energy sector, focusing on exploration and production.
Advertisement
Hide AdAdvertisement
Hide AdChairman Sir Robert Wilson said the firm “will fill an important space in the London market, enabling investors to access the investment gap between the mature majors and the smaller exploration and production players”.
He added: “This is the first time that Riverstone’s single-industry focus, depth of experience and strong track record has been accessible to public market investors, creating a compelling and attractive investment proposition.”
Shares in REL are expected to start trading on 29 October.
Riverstone was founded in 2000 by former Goldman Sachs bankers Pierre Lapeyre and David Leuschen, and Browne has been a partner at the US firm since 2007.