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
NOG: Company Not in ‘Formal Negotiations’ to Buy Granite Ridge
2024-12-23 - Northern Oil and Gas, responding to media reports that it has made two offers for Granite Ridge Resources, said it’s not engage in formal negotiations to buy the company.
Reuters: Northern Oil and Gas in Bid to Acquire Smaller Rival Granite Ridge, Sources Say
2024-12-20 - Northern Oil and Gas has made an acquisition offer for Granite Ridge Resources, according to people familiar with the matter.
STEP Energy Services Drops Go-Private Deal as Shareholders Balk
2024-12-20 - STEP Energy Services has terminated its agreement with ARC Energy Fund 8 to go private in an all-cash transaction for CA$5 per share.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
LandBridge Closes Deal for 46,000 Surface Acres in Delaware Basin
2024-12-20 - LandBridge Co., which held a successful IPO in August, added about 53,000 acres and now holds about 273,000 acres.
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.