Ithaca Energy prices IPO at 250p a share

North Sea oil and gas producer Ithaca Energy said on Wednesday that its initial public offering was being priced at 250p per share - the bottom end of the expected range.

This will give the company a market capitalisation of around £2.5bn.

Ithaca said it plans to sell 105m new ordinary shares, which equates to a total offer size of £262.5m and represents approximately 10.4% of its issued share capital on admission.

Executive chairman Gilad Myerson said: "I am delighted with the outcome of our IPO. We have received great support from a high-quality selection of institutional investors and I am excited to welcome them on board as we continue to create value in the public markets.

"Ithaca Energy has undergone a transformation over the past three years to become one of the UK's leading independent oil and gas companies and I am very excited for what lies ahead as we continue our journey in the public markets."