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(Bloomberg) — Rockpoint Gas Storage, Brookfield Asset Management’s North American natural gas storage platform, has filed for an initial public offering in Canada.
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Royal Bank of Canada and JPMorgan Chase & Co. are leading the IPO, according to a preliminary prospectus late Thursday confirming a Bloomberg News report. The listing in Toronto will consist of new shares as well as existing stock, with the price and number of shares offered disclosed in later fillings.
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The Calgary-based company was incorporated this year to acquire about 40% of two Brookfield-controlled operating partnerships. Brookfield will keep control after the IPO, holding about 60% of the operating businesses and all the Class B stock.
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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 filing shows.
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The company runs six storage hubs across Canada and the US with about 279.2 billion cubic feet of capacity, making it the largest independent pure-play natural gas storage operator in North America, according to the filing. Rockpoint carried about $1.43 billion in total assets at the fiscal year ended in March.
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Brookfield, which controls Rockpoint through its infrastructure funds, has restructured the company’s balance sheet and recycled capital, and tripled annual earnings over the past decade, the publicly listed affiliate Brookfield Infrastructure Partners said at its investor day last September.
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Rockpoint had adjusted earnings before interest, taxes, depreciation and amortization of $338.8 million in its 2025 fiscal year versus $244.2 million in the 12 months before, the filing shows.
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Natural gas storage has grown more strategically important in recent years amid swings in energy demand, extreme weather and the growth of liquefied natural gas exports. Rockpoint said its cash flows are supported by a mix of long-term so-called take-or-pay contracts, short-term storage services, and optimization strategies designed to capture volatility in spreads.
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In addition to RBC and JPMorgan, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank, Wells Fargo & Co. and Peters & Co. are also working on the deal, the filing shows.
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