Encana aims to raise up to C$861M from PrairieSky spinoff

|About: Encana Corporation (ECA)|By:, SA News Editor

Encana (ECA -0.9%) says it expects to raise up to C$861M ($785M) in an IPO of its oil and gas royalty business, as it plans to sell 32.5M common shares for C$23-C$26.50 each.

ECA also says it will retain a 75% stake in the subsidiary, known as PrairieSky Royalty.

The previously announced IPO will create a company overseeing the rights to mineral fee titles and royalties on 5.2M net acres of land in southern Alberta.