BKV Corp, a US natural gas producer operating in the Barnett and Marcellus Shale, announced terms for its IPO on Monday. The company first filed for its US IPO in November 2022, and has consistently refreshed its S-1 filing since then.
The Denver, CO-based company plans to raise $300 million by offering 15 million shares at a price range of $19 to $21. At the midpoint of the proposed range, BKV Corp would command a market value of $1.7 billion.
Controlled by Thai energy company Banpu (BANPU.TB), BKV had a total acreage position of approximately 479,000 net acres, 99% of which was held by production, as of June 30, 2024. For the six months ended June 30, 2024, net daily production averaged 807.6 MMcfe/d, consisting of approximately 80% natural gas and approximately 20% NGLs. As of December 31, 2023, its total proved reserves of 4,094 Bcfe had an estimated 8.1% year-over-year average base decline rate over the next 10 years.
BKV Corp was founded in 2015 and booked $779 million in sales for the 12 months ended June 30, 2024. It plans to list on the NYSE under the symbol BKV. Citi, Barclays, Evercore ISI, Jefferies, and Mizuho Securities are the joint bookrunners on the deal. It is expected to price during the week of September 23, 2024.
