Will elephant oil raise $8 million in an IPO?

Elephant Oil Corp. (ELEP) plans to raise $8 million in an IPO on Thursday, February 2nd, IPO Scoop reports. The company plans to issue 1,800,000 shares at $4.15-$5.15 per share. Elephant Oil Corp. has a market cap of $65.4 million. Spartan Capital Securities acted as the underwriter for the IPO.

What is elephant oil's IPO price range?

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.

How did elephant oil change its IPO structure?

Elephant Oil Corp. cut its IPO’s size by about 24 percent and changed the IPO’s structure by removing the warrants in an S-1/A filing dated March 9, 2023: The IPO now consists of 1.44 million shares at $4.00 to $5.00 to raise $6.48 million.