Canadian's appetite for initial public offerings has been hit or miss this fall, but Tourmaline Oil Corp. is one of the few companies that was able to get a good deal sold.
Tourmaline initially set out to raise about $125-million, but the final total on closing Tuesday morning came to $210-million. The firm also raised an additional $17.85-million in a private placement to directors and senior officers, raising total proceeds to just under $230-million.
The stock also priced at $21, right in the middle of its $20 to $22 marketing range.
Unlike some recent IPOs that have faltered, Tourmaline has a strong team behind it that lured investors. Oil executive Mike Rose and his group started the company after selling Duvernay Oil Corp. for about $6-billion just two years ago.
Proceeds from the offering will fund a portion of Tourmaline's budgeted $425-million 2011 capital exploration and development program.
Peters & Co. led the offering.