Kimbell Royalty Partners LP, which owns 3.7 million acres of oil and gas mineral interests across the US, announced terms for its IPO on Wednesday.
The Fort Worth, TX-based company plans to raise $100 million by offering 5.0 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Kimbell Royalty Partners LP would command a market value of $327 million.
Another owner of mineral interests, Black Stone Minerals LP (BSM), went public in 2015 and trades 1% below its offer price.
Kimbell Royalty Partners LP was founded in 2015 and booked $20 million in annualized pro forma sales for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol KRP. Raymond James, RBC Capital Markets and Stifel are the joint bookrunners on the deal. It is expected to price during the week of January 30, 2017.
