Eclipse Resources, a oil and natural gas E&P operating in the Appalachian Basin, announced terms for its IPO on Monday. The State College, PA-based company plans to raise $864 million by offering 30.3 million shares (29% insider) at a price range of $27 to $30. At the midpoint of the proposed range, Eclipse Resources would command a fully diluted market value of $4.6 billion.
Eclipse Resources, which was founded in 2010 and booked $45 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol ECR. Eclipse Resources initially filed confidentially on February 21, 2014. Citi, Goldman Sachs, Morgan Stanley, Barclays, BMO Capital Markets, Deutsche Bank, KeyBanc Capital Markets and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price the week of June 16, 2014.
