Carbon Energy raised the target maximum of $7.5 million from the IPO which included a priority offer to Carbon Energy shareholders and will retain a 40%interest post IPO. Energia is expected to be listed on the ASX on 30 December with an initial market capitalisation of$13.9 million.
Commenting on the announcement, the Managing Director of Carbon Energy, Andrew Dash, said: “The successful close of the IPO for Energia completes Carbon Energy’s divestment program of non-core assets. Carbon Energy will continue its focus on the production of cleaner energy from coal via its world leading Underground Coal Gasification (UCG) technology.