- LONDON: Africa-focussed oil company Ophir Energy, which is backed by Indian steel magnate Lakshmi Mittal, is preparing for a $2 billion (1 billion pounds) float in London, the Sunday Times reported citing sources.
The company, which has a portfolio of oil fields across Africa, plans to raise up to $500 million by selling a quarter of its shares before the summer to fund the development of recent finds, the newspaper said.
Ophir is understood to have lined up Credit Suisse and JPMorgan to lead the listing, the Sunday Times said.
It, however, said the group was also looking at selling a stake in one of its projects or at attracting further private investment as an alternative to a listing.
Ophir was not immediately available for comment.