Brookfield’s Rockpoint Gas Seeks $347 Million in Toronto IPO
(Bloomberg) -- Rockpoint Gas Storage Inc., Brookfield Asset Management’s North American natural gas storage platform, is seeking to raise as much as C$484 million ($347 million) in its initial public offering.
The Calgary, Alberta-based company plans to market 22 million shares for C$19 to C$22 each in its IPO, according to a statement Friday.
At the top of that range, Rockpoint would have a market value of about C$2.9 billion based on the outstanding shares listed in its preliminary prospectus. Brookfield is expected to have about 83.5% of the voting power in Rockpoint after the listing.
Rockpoint’s public listing is driving hopes for a revival of the slow IPO market in Toronto, as the listing would double the number of sizable first-time share sales in the city this year.
The independent pure-play natural gas storage operator is the largest in North America, with about 279.2 billion cubic feet of capacity in Canada and the US, according to the filing. Rockpoint’s facilities are located in Alberta and California, with 156 wells. The firm is owned by Brookfield infrastructure funds managed by Brookfield Asset Management.
US gas storage has been increasing as a way to balance energy supply and demand, at a time when natural gas production has outpaced consumption. Rockpoint’s customers include utility providers, power producers, pipeline companies and financial institutions, among others.
Rockpoint generated $209.4 million of net income on $415.3 million of revenue in the fiscal year ended March 31, compared with $253.9 million of net income on $348.6 million of revenue in the previous 12 months, the preliminary prospectus shows.
Rockpoint’s offering is being led by Royal Bank of Canada and JPMorgan Chase & Co. The company expects to list on the Toronto Stock Exchange under the symbol RGSI.
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