Infinity Natural Resources, a US oil and natural gas producer operating in the Utica and Marcellus Shales, announced terms for its IPO on Tuesday.
The Morgantown, WV-based company plans to raise $258 million by offering 13.3 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Infinity Natural Resources would command a market value of $1.1 billion.
The company engages in the acquisition, operation and development of oil and natural gas properties in the Utica (Ohio and Pennsylvania) and Marcellus (Pennsylvania) shells. As of June 30, 2024, its total acreage position was approximately 90,000 net acres, and its daily production averaged 25 Mboe/d (29% oil and 48% liquids) in the 2Q24. The company had total estimated proved reserves of 141,587 MBoe (48% developed) as of December 31, 2023.
Infinity Natural Resources was founded in 2017 and booked $262 million in revenue for the 12 months ended September 30, 2024. It plans to list on the NYSE under the symbol INR. Citi, Raymond James, RBC Capital Markets, BofA Securities, Capital One Securities, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2025.
