Vår Energi said that its planned initial public offering (IPO) on the Oslo Børs stock exchange in Norway could value the company between NOK70bn ($7.95bn) and NOK79bn ($8.97bn).

The Norwegian oil and gas firm said that the indicative price range of the shares in the IPO will be in the range of NOK28 ($3.14) and NOK31.5 ($3.58) per share.

Vår Energi was established in 2018 following the merger of Point Resources and Eni Norge, a subsidiary of Eni. Focused on exploration and production of oil and gas in Norway, Vår Energi is currently owned by Eni (69.85%) and HitecVision (30.15%).

The IPO will consist of an offer of up to 220 million existing shares, which will be issued in equal parts by Eni and HitecVision. Additionally, the two stakeholders hold the option to sell in equal parts up to 55 million additional existing shares.

According to Vår Energi, the IPO will be made up to 8.8% of the total number of shares in the company. With the inclusion of the up-size option held by Eni and HitecVision, the size of the IPO will be increased to 12.7% of Vår Energi’s shares.

Ahead of the IPO, Vår Energi claimed that it has received substantial anchor interest from various Nordic and international institutions.

Last month, the company was awarded 10 new production licences on the Norwegian Continental Shelf (NCS) in Norway’s 2021 Awards in Predefined Areas (APA). The company will be an operator in five of the licences.

It holds equity stakes in 36 fields that produced a net 247,000 barrels of oil equivalent (BOE) per day in the third quarter of 2021.

In June last year, Vår Energi made an oil and gas discovery near the Balder field in the Norwegian North Sea.

The discovery was made after the drilling of the King and Prince exploration wells in production licence 027.