Elephant Oil Corp. (ELEP) plans to raise $8 million in an initial public offering on Friday, February 10th, IPO Scoop reports. The company will issue 1,800,000 shares at a price of $4.15-$5.15 per share.
The company has a market cap of $65.4 million.
Spartan Capital Securities served as the underwriter for the IPO.
Elephant Oil Corp. provided the following description of their company for its IPO: "(Note: Elephant Oil Corp. filed an S-1/A on Dec. 6, 2022, to cut the size of its unit IPO – to 1.83 million units (1,827,957 units) from 2.58 million units (2,580,645 units) – and kept the price range at $4.15 to $5.15 – to raise $8.5 million. In terms of estimated IPO proceeds, the new terms represent a cut of 29.2 percent. Each unit consists of one share of common stock and one warrant to buy one share of stock. **Note: The company updated its IPO plans with a placeholder filing dated Jan. 6, 2023. Background: The IPO's initial terms were 3.23 million units at $4.15 to $5.15, disclosed in an S-1/A filing on Aug. 12, 2022. The S-1 was filed March 25, 2022. Confidential IPO documents were filed on Dec. 21, 2021.) We are an independent oil and gas exploration stage company, led by an experienced management and technical team, which is focused on under-explored regions in Africa. Our current asset portfolio includes an exploration license onshore in the Republic of Benin (“Benin”), as well as an exploration license onshore in the Republic of Namibia (“Namibia”). As of the date of this prospectus, we have not drilled any wells. Additionally, the Company continues to review other potential assets for expansion. **Note: Revenue and net loss figures are for the year that ended June 30, 2022. ".
Elephant Oil Corp. was founded in 2013 and has 3 employees. The company is located at Pennzoil Place 700 Milam, Suite 1300 Houston, TX 77002 and can be reached via phone at (832) 871-5050 or on the web at
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