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Ithaca Energy IPO set to price at lower end of range - bookrunner

Illustration shows Ithaca Energy logo

LONDON (Reuters) - A planned initial public offering of North Sea oil and gas producer Ithaca Energy is set to price at the lower end of the previously guided range, bookrunners on the deal said on Monday.

The revised price guidance is for between 250 and 270 pence per share, compared with the previous price range of 250 to 310 pence, which had implied a market value of 2.5 billion to 3.1 billion pounds.

Books were oversubscribed at the revised price range, the bookrunners said, adding they would close on Nov 8.

The planned float of Ithaca - owned by Tel Aviv-listed Delek Group - on the London Stock Exchange has been closely watched in an IPO market starved of activity since Russia's invasion of Ukraine.

(Reporting by Iain Withers, Editing by Alex Richardson)