Montauk Renewables, which produces and sells renewable natural gas and electricity, announced terms for its IPO on Friday.
The Pittsburgh, PA-based company plans to raise $29 million by offering 3.9 million shares (40% insider) at a price range of $7 to $8. The IPO float is just 2.8% of the basic shares outstanding. At the midpoint of the proposed range, Montauk Renewables would command a market value of $1.1 billion.
Montauk Renewables is a renewable energy company specializing in the recovery and processing of environmentally detrimental methane from landfills and other non-fossil fuel sources for beneficial use as a replacement to fossil fuels. The company develops, owns, and operates renewable natural gas (RNG) projects, using proven technologies that supply RNG into the transportation industry and use RNG to produce electrical power for the electrical grid. Montauk operates a portfolio of 12 RNG and three Renewable Electricity projects that span six states in the US.
Montauk Renewables was founded in 1980 and booked $99 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol MNTK. Roth Capital is the sole bookrunner on the deal.
