Renaissance Capital logo

Big blank check for oil: Silver Run Acquisition prices upsized $450 million IPO

February 23, 2016
Permian Resources (Centennial; Silver Run Acq.) logo

Silver Run Acquisition, a blank check company formed by Mark Papa and Riverstone to acquire an energy business, raised $450 million by offering 45 million units at $10 each.

It had originally planned to raise offer 40 million units and raise $400 million. At $10 per unit, the company commands a market cap of $550 million.

Silver Run Acquisition plans to list on the Nasdaq under the symbol SRAQU. Deutsche Bank, Citi and Goldman Sachs acted as lead managers on the deal.