New Fortress Energy, an integrated gas-to-power company formed by Fortress Investment Group, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $400 million by offering 22.2 million shares at a price range of $17 to $19. At the midpoint of the proposed range, New Fortress Energy would command a fully diluted market value of $3.0 billion.
New Fortress Energy was founded in 2018 and booked $106 million in sales for the 12 months ended September 30, 2018. It plans to list on the Nasdaq under the symbol NFE. Morgan Stanley, Barclays, Citi, Credit Suisse, Evercore ISI, and Allen & Company are the joint bookrunners on the deal. It is expected to price during the week of January 21, 2019.
