Rockpoint Gas Storage,

Brookfield Asset Management

’s North American

natural gas

storage platform, is weighing an

initial public offering

in Canada, according to people familiar with the matter.

Royal Bank of Canada

and JPMorgan Chase & Co. are working on the potential first-time share sale, the people said. A listing could come as soon as in September, one of the people said, asking not to be identified as the information is private.

Deliberations are ongoing, details of the offering could change and more banks may be added to the lineup, the people said. Representatives for Brookfield and JPMorgan declined to comment. Spokespeople for Rockpoint and RBC didn’t respond to requests for comment.

Rockpoint is the largest independent owner and operator of natural gas storage in North America, with six facilities offering 280 billion cubic feet of working gas capacity, according to its website. The company has been in operation for more than 20 years and also owns Access Gas Services, which supplies natural gas and related services across Canada, as well as Enerstream Agency Services, which serves eastern Canada.

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 to more than US$300 million, the publicly-listed affiliate Brookfield Infrastructure Partners said at its investor day last September.

In a recapitalization completed last year, Brookfield raised US$1.2 billion to extend Rockpoint’s maturities by seven years and distributed about US$800 million, recouping its invested capital more than 2.5 times over, it said at the same event. Brookfield said it has already exceeded its underwriting expectations on Rockpoint and sees a potential exit generating well over a 20 per cent return.

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The potential IPO would add to a modest revival in Canada’s listings activity, led by GO Residential Real Estate Investment Trust’s US$410 million debut. The deal accounted for the bulk of the US$453.8 million raised in Canadian IPOs this year so far, just above the US$435.2 million raised in the same period in 2024, data compiled by Bloomberg show.

With assistance from Layan Odeh.

Bloomberg.com