GeoPark, a South American oil and natural gas E&P, announced terms for its IPO on Tuesday. The Santiago, Chile-based company plans to raise $180 million by offering 20.0 million shares at a price range of $8 to $10. At the midpoint of the proposed range, GeoPark would command a market value of $575 million.
GeoPark's shares are currently traded on both the Alternative Investment Market of the London Stock Exchange (AIM) and the Santiago Offshore Stock Exchange under the symbol GPK. The company operates in Chile, Colombia and Argentina and expects to begin operating in Brazil by the end of 2013. Primary shareholders include founders Gerald O'Shaughnessy (12% post-IPO stake) and James Park (11%), as well as Cartica Capital (8%), IFC (5%) and Moneda Asset Management (4%).
For the nine months ended September 30, 2013, revenue grew 38% to $251 million. The increase was primarily due to an increase in production and deliveries in Columbia as well as the incorporation of a full nine months of Colombian operations. Adjusted EBITDA also increased 33% to $126 million from $95 million in the prior year period.
GeoPark, which was founded in 2006 and booked $319 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol GPRK. GeoPark initially filed confidentially on July 25, 2013. J.P. Morgan, BTG Pactual and Itau BBA are the joint bookrunners on the deal. It is expected to price on Wednesday, February 5.
