Kodiak Gas Services said on June 20 it is aiming for a valuation of about $1.65 billion in its U.S. listing, expecting to benefit from returning investor appetite for new offerings.
The company is looking to sell 16 million shares in its IPO priced between $19 and $22 apiece. It is expected to raise approximately $352 million at the top of the proposed range.
The energy sector in the United States was among the biggest winners last year, as the war in Ukraine piled pressure on the commodities supply chain, but several companies delayed their IPO plans due to a lull in the stock market.
Investors are warming up to IPOs this year after severe volatility last year, triggered by rising interest rates and geo-political turmoil, curbed appetite for new listings and fueled a risk-off sentiment.
Last week, Mediterranean restaurant chain Cava Group saw its valuation nearly double after its shares surged in a stellar market debut.
In May, Johnson & Johnson's consumer health business, Kenvue, managed to complete the largest IPO since Rivian Automotive listed in 2021.
Kodiak Gas Services said it is looking to list its shares on the New York Stock Exchange under the ticker symbol "KGS".
Goldman Sachs & Co. LLC and J.P. Morgan are the lead underwriters for the offering.
Recommended Reading
China’s Stimulus Could Reignite Fuel Demand Long-term
2024-09-25 - In China’s biggest stimulus package since the COVID-19 pandemic, the government is attempting to reverse the country’s recent deflationary trend and boost fuel demand.
What's Affecting Oil Prices This Week? (Oct. 14, 2024)
2024-10-14 - Similar to last week, Stratas Advisors forecast that oil prices will be relatively flat with a downward bias unless there is another military strike of note.
Hotter Temps Drive Japanese Demand for Spot LNG from US
2024-09-11 - Above-average temperatures are forecast for most regions of Japan through early October, compelling the country to seek prompt LNG, potentially from the U.S., to cover extended summer-related electricity demand.
Saudi Signals Willingness to Weaken Oil Prices, Defend Market Share
2024-09-26 - Analysts caution that reports of Saudi Arabia abandoning a philosophy of supporting prices in favor of defending market share could be a move to get OPEC+ members in line rather than to launch a costly oil war with the U.S., among others.
Exxon Awards JGC, Technip Energies LNG FEED Contract
2024-09-26 - Technip Energies said Rovuma LNG, located in Mozambique, is expected to have a total production capacity of 18 million tonnes per annum.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.