Jagged Peak Energy, an oil and gas E&P operating in the Delaware Basin in West Texas, announced terms for its IPO on Tuesday.
The Denver, CO-based company plans to raise $650 million by offering 38.2 million shares (31% insider) at a price range of $16 to $18. At the midpoint of the proposed range, Jagged Peak Energy would command a fully diluted market value of $3.6 billion.
Jagged Peak Energy was founded in 2013 and booked $62 million in sales for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol JAG. Citi, Credit Suisse, J.P. Morgan, Goldman Sachs, RBC Capital Markets and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of January 22, 2017.
