Rockpoint Gas prices IPO at $704-million

Executive Summary

• Rockpoint Gas Storage Inc. has priced its upsized initial public offering (IPO) of 32 million Class A common shares at $22 per share, generating approximately $704 million in gross proceeds.
• The offering is led by a syndicate of underwriters including RBC Capital Markets and J.P. Morgan, with an overallotment option for up to 4.8 million additional shares.
• Following the offering, affiliates of Brookfield Asset Management will hold approximately 39.8% of the outstanding Class A shares and 100% of the Class B voting shares, controlling roughly 75.9% of total votes.

Key Details

• Share Quantity: 32 million Class A common shares.
• Price: $22.00 per Class A share.
• Gross Proceeds: Approximately $704 million.
• Overallotment Option: Underwriters have an option to acquire up to an additional 4.8 million Class A shares, exercisable within 30 days of closing.
• Underwriters: Joint lead bookrunning managers are RBC Capital Markets and J.P. Morgan. Other participants include Wells Fargo Securities, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., ATB Capital Markets, Desjardins Capital Markets, and Peters & Co. Ltd.
• Post-Offering Ownership:
  • Brookfield Asset Management affiliates will own ~39.8% of the 53.2 million outstanding Class A shares (30.8% if overallotment is exercised).
  • Brookfield affiliates will own all 79.8 million outstanding Class B voting shares.
  • Combined voting power will be approximately 75.9% of total outstanding shares (72.3% if overallotment is exercised).
• Closing Date: Expected on or about October 15, 2025.
• Trading Start Date: Class A shares will begin trading on the Toronto Stock Exchange (TSX) on an if, as and when-issued basis on October 9, 2025, under the symbol RGSI.
• Listing Approval: The TSX has conditionally approved the listing of Class A shares, subject to customary requirements.
• Regulatory Filing: Final base PREP prospectus filed with securities regulatory authorities in all Canadian provinces and territories.

Notable Quotes

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