Major US natural gas and oil driller Chesapeake Energy (CHK) officially launched the IPO for Chesapeake Granite Wash Trust on Wednesday. According to the company's press release, Chesapeake Granite Wash Trust, which owns royalty interests in producing and developmental wells in the Anadarko Basin of western Oklahoma, plans to raise $468 million by offering 23.4 million shares at a price range of $19 to $21. At the mid-point of the proposed range, Chesapeake Granite Wash Trust will command a market value of $935 million. Chesapeake Granite Wash Trust plans to list on the NYSE under the symbol CHKR. Morgan Stanley and Raymond James are the lead underwriters on the deal, which is expected to price during the week of November 7.
