Lacking output, reserves, Cobalt set for IPO

摘要

New York-Big guns Goldman Sachs and private equity firms Carlyle Group and First Reserve are asking prospective investors to back an initial public offering of Gulf of Mexico and Angola deepwater explorer Cobalt International Energy, a company with no proven reserves and no wells under development. Cobalt's IPO is set to launch December 15, priced at between $15 and $17/share. Goldman Sachs and the other investors are expected to retain a controlling stake in Houston- based Cobalt, with the public to hold up to a 19% stake. Cobalt is aiming to raise $1.1 billion in the IPO.