A share price of 190 pence was set for 3Legs on the Alternative Investment Market, valuing the company at more than £161 million ($262 million). On the first morning of trading, the price was around 207 pence per share.
The offering was set to raise about £77 million, which will help fund the company’s operations in the Baltic region.
Established in 2007, 3Legs is chaired by former UK energy minister Tim Eggar, who said: “We look forward to demonstrating the commercial potential of our Baltic basin concessions as well as progressing the development of our other European acreage.”
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