Chesapeake Granite Wash Trust, which owns royalty interests in established and horizontal development wells in western Oklahoma, announced terms for its IPO on Tuesday. The Austin, TX-based company plans to raise $458 million by offering 22.9 million shares at a price range of $19.00 to $21.00. At the mid-point of the proposed range, Chesapeake Granite Wash Trust will command a market value of $980 million. Chesapeake Granite Wash Trust, which was formed in 2011, plans to list on the New York Stock Exchange under the symbol CHKR. Morgan Stanley and Raymond James are the lead underwriters on the deal. Timing for the deal is still to be determined.
Chesapeake Granite Wash Trust is the third US company to file IPO terms with the SEC this month, following Ubiquiti Networks (UBNT) and ZELTIQ Aesthetics (ZLTQ).
