Hygo Energy Transition, which provides integrated downstream liquefied natural gas solutions in Brazil, announced terms for its IPO on Thursday. In its latest filing, the company also added seven underwriters.
The Hamilton, Bermuda-based company plans to raise $450 million by offering 23.1 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Hygo Energy Transition would command a fully diluted market value of $2.4 billion.
Hygo provides integrated downstream liquefied natural gas (LNG) solutions to underserved markets. The company has historically derived the majority of its revenue from LNG carriers, which it expects to convert into floating storage and regasification units (FSRUs) to service its terminals.
Hygo Energy Transition was founded in 2016 and booked $44 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol HYGO. Morgan Stanley, Goldman Sachs, Citi, Barclays, BofA Securities, BTG Pactual, BTIG, Credit Suisse, Itau BBA, UBS Investment Bank and XP Investimentos are the joint bookrunners on the deal. It is expected to price during the week of September 21, 2020.
