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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 22, 2024. REUTERS/Brendan McDermid.
Private equity-backed Infinity Natural Resources raised $265 million on Thursday in its initial public offering in the U.S., the latest first-time share sale by an energy company in New York in recent weeks.
The IPO valued the Morgantown, West Virginia-based oil and natural gas producer at about $1.18 billion.
The company, backed by buyout firms Pearl Energy Investments and NGP, sold nearly 13.3 million shares at $20, which is within the marketed range of $18 and $21.
The offering is expected to close on Feb. 3, subject to customary closing conditions, the company said.
Energy has been a major theme in the IPO market so far this year as companies increasingly look to tap into investor fervor towards the industry.
Founded in 2017, Infinity produces oil, natural gas, and natural gas liquids, with its operations located in the Appalachian basin in the northeastern United States.
Infinity is going public after more than doubling its revenue in the first nine months of 2024. The strong growth came as the company's oil production volumes benefited from wells acquired from Utica Resources Ventures and PEO Ohio in October for $279 million.
Private equity-backed artificial lift firm Flowco and LNG exporter Venture Global also went public in New York earlier this month.
Infinity, which tapped 14 banks for the IPO, is expected to begin trading on the New York Stock Exchange under the symbol "INR" on Friday.
Citigroup, Raymond James and RBC Capital Markets were the lead underwriters for the offering.
Infinity will use the IPO proceeds to repay its outstanding debt and for other purposes.
Pearl and NGP will collectively hold a substantial majority of Infinity's common stock and voting power after the offering.
(Reporting by Arasu Kannagi Basil and Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel and Subhranshu Sahu)