GeoPark, an oil and natural gas E&P operating in Chile, Colombia and Brazil, lowered the proposed deal size for its upcoming IPO on Thursday. The Santiago, Chile-based company now plans to raise $101 million by offering 13.5 million shares at a price range of $7 to $8. The company had previously filed to offer 20.0 million shares at a range of $8 to $10. At the midpoint of the revised range, GeoPark would raise 44% fewer proceeds than previously anticipated.
GeoPark, which was founded in 2002 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 during the week of February 2, 2014.
