Enduro Royalty Trust, which owns a net profits interest in oil and gas properties across Texas, Louisiana and New Mexico, announced updated terms for its IPO on Thursday. The Austin, TX-based company plans to raise $317 million by offering 13.2 million shares at a price range of $23.00 to $25.00. At the mid-point of the proposed range, Enduro Royalty Trust will command a market value of $792 million. The trust previously announced terms for their initial public offering in August, but was forced to postpone their offering due to market conditions. Enduro Royalty Trust, which was founded in 2010 and booked $186 million in sales for the 12 months ended June 30, 2011, plans to list on the NYSE under the symbol NDRO. Barclays Capital, Citigroup, and Goldman, Sachs are the lead underwriters on the deal, which is expected to price next week.
Enduro Royalty Trust is the third company to move forward with their initial public offering this week following Rentech Nitrogen Partners and NewLink Genetics Corporation which announced terms yesterday.
