Sunshine Oilsands IPO

Sunshine Oilsands secures cornerstones for Hong Kong IPO

China’s sovereign wealth fund and other major investors will stump up more than half of the Canadian energy company's planned $600 million IPO.
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Athabasca: Plenty of oil, not so much sunshine
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<div style="text-align: left;"> Athabasca: Plenty of oil, not so much sunshine </div>

Calgary-based Sunshine Oilsands has signed up three cornerstone investors that will commit $350 million in its initial public offering, or more than half the targeted $600 million, a source close to the transaction said.

It is a substantial commitment given that the target size of the IPO was initially expected to be between $300 million and $600 million. China Investment Corp, the country’s sovereign wealth fund, has pledged $150 million, while China Petrochemical Corp Sinopec will pay $150 million and US-based EIG will contribute $50 million, according to the source.

The management roadshow is expected to start next week, assuming the Canadian offering circular is cleared,...

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