Hygo Energy Transition, a joint venture between Golar LNG and Stonepeak Infrastructure Partners, is seeking an initial public offering (IPO) of $485 million, Kallnish Energy reports.
According to a regulatory filing to the Securities and Exchange Commission (SEC) on Thursday, the company plans to offer 23.1 million common shares valued at $18-21 apiece. The higher end of the valuation would raise $485.1 million.
The company has applied to be listed on the Nasdaq Global Select Market under the symbol “HYGO.” Formerly known as Golar Power, the company was rebranded in early September ahead of its application for public listing.
The new company was formed to develop, own and operate integrated liquefied natural gas (LNG)-based transportation, downstream solutions and associated terminal and power generation infrastructure.
Golar LNG currently owns a 50% stake in Hygo Energy Transition, which will drop to 41% after the completion of the IPO.
Earlier this year Hygo announced it had received approval for the start of commercial operations at Brazil’s first integrated LNG-to-power project, the 1.5 gigawatt Sergipe power station. In July this year, the company announced plans to develop the first LNG in Brazil’s northern region, aimed at tapping demand from the mining industry. [See related articles]
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