North Sea group Ithaca Energy valued at £2.5bn ahead of its listing on the London Stock Exchange
Ithaca Energy is expected to price its listing on the London Stock Exchange at the lower end of guidance as market volatility deters investors.
The North Sea oil and gas group, which is owned by Israeli conglomerate Delek Group, is expected to price its shares between 250p and 270p, down from a previous range of 250p to 310p.
The lower price would give it a market value of £2.5billion, having already secured enough orders to cover the float.
London float: Ithaca Energy, which is owned by Israeli conglomerate Delek Group, is expected to price its shares between 250p and 270p
Shares are due to start trading tomorrow.
The firm is planning to raise up to £310million through the float.
Initial discussions had targeted as much as £872million but this was scaled back as rising inflation, higher interest rates and growing fears of a global recession pumped the brakes on listing activity around the world.