Rattler Midstream LP, an oil and gas midstream services unit being spun out of Diamondback, announced terms for its IPO on Monday.
The Midland, TX-based company plans to raise $583 million by offering 33.3 million shares at a price range of $16 to $19. At the midpoint of the proposed range, Rattler Midstream LP would command a fully diluted market value of $2.65 billion.
Rattler Midstream LP was founded in 2007 and booked $246 million in revenue for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol RTLR. Credit Suisse, BofA Merrill Lynch, J.P. Morgan, Barclays, Citi, Goldman Sachs and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of May 20, 2019.
