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A pump jack is seen in this file photo.
A pump jack is seen in this file photo.
(© Todd Korol / Reuters/REUTERS)

PrairieSky raises another $218-million

Encana Corp. has completed its land-office business in shares of PrairieSky Royalty Ltd., but not before underwriters took another $218-million as part of the over-allotment option.

That brings total proceeds from the initial public offering to $1.67-billion, nearly double its initial target.

Encana said the syndicate in the PrairieSky deal, one of the largest IPOs in Canadian history, exercised their option to take another 7.8-million shares for a total issue of 59.8-million at $28 apiece. The IPO was led by TD Securities and CIBC World Markets.