Archer (Hold, TP: NOK9.00) - Subsidiary IPO completed
Archer has announced that the IPO of its US onshore subsidiary Quintana Energy Services (QES) is priced at USD10/share, below the original range of USD12–15/share. While pricing is on the downside versus consensus, we believe it was important for Archer to execute the QES IPO as: 1) it helps streamline its equity story; and 2) a potential failed IPO of QES would in our view have been a worse outcome for Archer.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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