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QGOG Constellation sets terms for $550 million US IPO
By: Renaissance Capital
QGOG Constellation, a Brazilian provider of offshore oil and gas drilling, announced terms for its IPO on Friday. The Luxembourg-based company plans to raise $550 million by offering 27.5 million shares at a price range of $19 to $21. At the midpoint of the proposed range, QGOG Constellation would command a fully diluted market value of $3.4 billion. QGOG Constellation, which was founded in 1981 and booked $747 million in sales for the 12 months ended September 30, 2012, plans to list on the NYSE under the symbol QGOG. J.P. Morgan, BofA Merrill Lynch, Itau BBA, Credit Suisse and Bradesco BBI are the joint bookrunners on the deal.