Lafayette Energy, an oil and gas E&P operating in Utah and Louisiana, lowered the proposed deal size for its upcoming IPO on Thursday.
The Lehi, UT-based company now plans to raise $4.8 million by offering 1.2 million shares at a price range of $3.50 to $4.50. The company had previously filed to offer the same number of shares at a range of $4.00 to $5.00. At the midpoint of the revised range, Lafayette Energy will raise 11% less in proceeds than previously anticipated.
If the company raises less than $5 million at pricing, Lafayette Energy will be excluded from Renaissance Capital's IPO stats.
Lafayette Energy is an oil and gas exploration and production company with operations in eastern Utah and south central Louisiana. The company has no revenue-generating operations.
Lafayette Energy was founded in 2022 and plans to list on the Nasdaq under the symbol LEC. Spartan Capital Securities is the sole bookrunner on the deal.
