Berry Petroleum, a California-based onshore oil production company, announced terms for its IPO on Monday.
The Bakersfield, CA-based company plans to raise $300 million by offering 18.8 million shares (35% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Berry Petroleum would command a fully diluted market value of $1.3 billion.
Berry Petroleum was founded in 1909 and booked $357 million in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol BRY. Goldman Sachs, Wells Fargo Securities, BMO Capital Markets, Evercore ISI and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of July 23, 2018.
