GEEC's Planned IPO

August 2008 | Top Stories

AIM-listed gas producer Great Eastern Energy (GEEC) has said it is planning an Indian IPO, in a bid to capitalise on the continuing strength of demand for Liquefied Natural Gas (LNG) from the subcontinent. GEEC has called an extraordinary general meeting to seek shareholder approval for the IPO, which would see the company offer 92.6mn shares, with a greenshoe option of up to 15% depending on the uptake. The sale will comprise 46.4mn news shares, roughly 7.84% of the company's total equity, as well as a similar amount of existing stock. GEEC is a market leader in India in the in the exploration, development and production of coalbed methane (CBM), a form of natural gas extracted from coal beds.

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