Source Rock Royalties, an energy royalties’ firm, aims to be Canada’s first oil company to complete an initial public offering (IPO) since Topaz Energy (TPZ) raised $230 million in 2020.
In what would be a rare IPO for a junior Canadian energy company, Source Rock Royalties, which is backed by Canadian National Railway’s (CNR) investment division, is looking to raise a relatively modest $10 million, according to a preliminary prospectus filed with the Canadian Securities Administrators.
Canadian National Railway has been a shareholder in Source Rock Royalties since 2014 and currently owns approximately 26% of the company’s common shares. No other shareholder owns more than 10 per cent of the company’s equity.
