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DALLAS -- Alon Israel Oil Co. Ltd. Chairman David Weissman is looking to float Alon Brands Inc., a subsidiary of Alon USA Energy Inc., based here, on the New York Stock Exchange through an initial public offering (IPO) after the holidays, according to a report by globes-online.com.
Alon Brands was formed in 2008 as a holding company of Alon's 7-Eleven convenience stores and FINA gas stations.
In its prospectus filed with the U.S. Securities and Exchange Commission (SEC), Alon Brands said it seeks to raise $100 million in an IPO. The company did not disclose how many shares it planned to issue or the price range of the offering.
The company value can be estimated at a few hundred million dollars, possibly as much as $500 million, according to the report. No offering is likely for several months, until after the holidays. The market climate may also influence the offering.
Credit Suisse Securities (USA) LLC and Merrill Lynch & Co. Inc. will be the underwriters, according to the report.