WhiteHawk, a natural gas company, has revealed a seven-fold increase in revenue when it filed its US IPO.
WhiteHawk, a natural gas mineral and royalty company, filed for an?U.S. On Monday, WhiteHawk filed for a U.S. initial public offering, revealing a 615% increase in revenue by 2025 as higher oil prices drive new energy listings.
The Philadelphia-based company posted a loss of $3.6 on revenues of $67.6 in the year ending December 31. This compares to a loss of $11.6 million?on revenues of $9.5 a year ago.
The oil and gas issuers are able to take advantage of the new market because the conflict in the Middle East is driving up crude prices, which boosts the appeal of U.S. assets.
HMH, a manufacturer of drilling equipment, went public in New York on April 1. EagleRock, a company focused on the Permian region is set to make its debut this week.
The broader U.S. IPO has also shrugged of geopolitical uncertainties, with several issuers rushing to list before SpaceX?s anticipated blockbuster debut in June. This could suck oxygen out the IPO markets.
As of December 31,?WhiteHawk managed natural gas mineral interests and royalties across?approximately 3.4 mln gross unit DSU acres, with a focus on the Appalachian & Haynesville basins.
WhiteHawk has made eight "major" acquisitions in its short history.
Raymond James, 'Stifel and J.P. Morgan are the joint bookrunners. WhiteHawk is set to list on the NYSE with the symbol "WHK". (Reporting and editing by Vijay Kishore in Bengaluru, Arasu Kanagi Basil from Bengaluru)
(source: Reuters)
