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Africa|Gas|PROJECT
Africa|Gas|PROJECT
africa|gas|project

Renergen considering US IPO; provides Phase 2 funding update

31st January 2023

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Natural gas and helium producer Renergen is preparing for a potential initial public offering (IPO) in the American Depositary Shares (ADSs), and listing on the Nasdaq Stock Market this year, subject to market and other conditions.

To raise the requisite equity funding for Phase 2 of its Virginia gas project, in South Africa’s Free State province, Renergen is preparing a circular to shareholders wherein Renergen will be seeking approval to issue additional shares by way of a specific issue of shares for cash.

However, the company confirmed on January 31 that the timing, number of ordinary shares represented by ADSs to be offered and their price in the IPO have not yet been determined.

Renergen said it had confidentially submitted a draft registration statement on Form F-1 to the Securities and Exchange Commission (SEC) in late 2022.

The proposed listing and capital raise is expected to commence after the SEC completes its final review processes, subject to market and other conditions.

It is not yet certain whether the proposed listing and capital raise may proceed.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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