Lafayette Energy, an early-stage oil and gas E&P operating in Utah and Louisiana, raised the proposed deal size for its upcoming IPO on Friday.
The Woods Cross, UT-based company now plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. The company had previously filed to offer 1.2 million shares at the same range. At the revised deal size, Lafayette Energy will raise 108% more in proceeds than previously anticipated and command a market value of $98 million.
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 NYSE American under the symbol LEC. ThinkEquity is the sole bookrunner on the deal.
