Kinder Morgan gearing up for $2.3b IPO
Kinder Morgan Inc expects to raise as much as $2.3 billion in an initial public offering, the largest US energy debut since Conoco Inc went to market more than a decade ago.
The offering, which originally was seen raising $1.5 billion, would be the biggest in the energy field since Conoco's $4.4 billion IPO in 1998, according to data from Thomson Reuters.
Kinder Morgan's shares are expected to price in a range of $26 to $29, the private equity-backed company said in an updated filing with regulators on Thursday.
Kinder Morgan Inc, backed by Carlyle Group CYL.UL and Goldman Sachs Group Inc's (GS.N) buyout fund, will not sell any shares in the IPO, so the stock will be offered by selling shareholders.
After completion of the offering, Kinder Morgan's private equity investors and management will retain nearly 90 percent of the company and Chief Executive Officer Rich Kinder will hold on to his entire 30.6 percent stake, according to the filing with the US Securities and Exchange Commission.
The shares are expected to trade on the New York Stock Exchange under the symbol "KMI."
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