Laredo Petroleum, an energy firm focused on the exploration and production of oil and natural gas in the Permian and Mid-Continent regions of the US, announced terms for its IPO on Monday. The Tulsa, OK-based company plans to raise $333 million by offering 17.5 million shares at a price range of $18 to $20. At the mid-point of the proposed range, Laredo Petroleum will command a market value of $2.4 billion. Backed by private equity firm Warburg Pincus, Laredo Petroleum had proved reserves of 137 million barrels of oil equivalent (MMBOE) as of September 30, 2011. Laredo Petroleum, which was founded in 2006 and booked $456 million in sales for the 12 months ended September 30, 2011, plans to list on the NYSE under the symbol LPI. J.P. Morgan, Goldman, Sachs & Co., and BofA Merrill Lynch are the lead underwriters on the deal.
South Texas E&P Sanchez Energy also set terms for its $250 million IPO last Friday. Sanchez Energy plans to list on the NYSE under the symbol SN. Johnson Rice & Co. and Macquarie Capital are the lead underwriters on the deal.
