SandRidge Permian Trust, an oil trust formed by SandRidge Energy with wells in the Permian Basin, announced terms for its IPO on Tuesday. The Austin, TX-based company plans to raise $630 million by offering 31.5 million units at a price range of $19 to $21. At the mid-point of the proposed range, SandRidge Permian Trust will command a market value in excess of $1 billion. During April, SandRidge launched the SandRidge Mississippi Trust (SDT) IPO which has traded up 32% from its initial offering price. The newly created SandRidge Permian Trust plans to list on the NYSE under the symbol PER. Morgan Stanley, Raymond James, and RBC Capital Markets are the lead underwriters on the deal.
