|
CNOOC IPO raises $1.3B
|
 |
February 22, 2001: 11:10 a.m. ET
China energy company sells 81.1M ADS; Nextel unit refines terms
|
NEW YORK (CNNfn) - CNOOC Ltd., a Chinese energy company, priced its IPO on its second attempt, raising $1.3 billion, while wireless service provider Nextel International refined the terms for its initial public offering.
State-owned China National Offshore Oil Corp., or CNOOC, sold 81.1 million American depositary shares late Wednesday at $15.40 each via lead underwriters Merrill Lynch and Credit Suisse First Boston. Each ADS represents 20 ordinary shares. CNOOC had planned to offer 82.12 million ADS at $13.30 to $16.60 each.
Beijing-based CNOOC produces and develops crude oil and natural gas in offshore China. CNOOC competes against PetroChina Co. Ltd. (PTR: Research, Estimates) and Sinopec Group.
CNOOC had more than $1.8 billion in revenue in 1999 on net income of nearly $500 million. The company said that, as of Sept. 30, it had proven reserves of about 1.3 billion barrels of crude oil and condensate and 3.3 trillion cubic feet of natural gas.
CNOOC pulled its first attempt to go public in 1999, when it attempted to raise $2.5 billion.
CNOOC plans to trade under the New York Stock Exchange symbol "CEO" beginning Feb. 27, underwriters on the deal said.
Nextel refines terms
Nextel International lowered its price range but expanding the number of shares it plans to offer. Nextel now expects to sell 60 million shares at $10 to $12 each via lead underwriters Goldman Sachs and Morgan Stanley Dean Witter. The wireless provider filed in November to sell 45.5 million shares at $16 to $18 each.
Reston, Va.-based Nextel International, a unit of wireless provider Nextel Communications, has wireless operations and investments in Canada, Japan, Brazil, Mexico, Argentina, Peru, Chile and the Philippines. Nextel Communications (NXTL: Research, Estimates) operates an all-digital wireless network that serves more than 5 million subscribers in the United States and abroad.
Nextel International initially filed in August to go public and the IPO was expected last November. But it apparently was delayed due to market conditions.
Parent Nextel Communications will own about 86 percent of outstanding common stock after the IPO, the company said in an SEC filing.
Nextel International plans to trade under the Nasdaq symbol "NXTI." 
|
|
|
|
|
 |
|
