EP Energy Corp., the natural gas producer backed by Apollo Global Management LLC (APO:US), is reducing the number of shares it will price in its initial public offering and may cut the price range, a person with knowledge of the matter said.
The person asked not to be named because the details are private. EP had filed to raise as much as $1.1 billion, offering 40 million shares for $23 to $27 each, regulatory filings show. The IPO is scheduled to price today after markets close, according to data compiled by Bloomberg.
The Wall Street Journal previously reported that EP is planning to reduce the number of shares it’s selling in its IPO to 35.2 million.
Spokesmen at Credit Suisse Group AG and JPMorgan Chase & Co., which are managing the offering, declined to comment. A spokesman for EP Energy didn’t immediately respond to messages seeking comment.
A group led by Apollo acquired EP Energy, El Paso Corp.’s oil and natural gas exploration business, in 2012 for $7.15 billion in the second-biggest private equity takeover of an energy producer.
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