Eni spin-off Vaar Energi to be priced at bottom of IPO range

Norwegian oil and gas firm Vaar Energi, a spin-off from Italy’s Eni, said on Monday its planned stock market listing in Oslo will be priced at 28 crowns per share, the lower end of the company’s intended range.

Vaar Energi on Feb. 4 said its shares would be sold at between 28 and 31.5 Norwegian crowns each, valuing the company at between 70 billion and 79 billion crowns ($7.9 billion-$8.90 billion).

($1 = 8.8752 Norwegian crowns)