Montauk Renewables, which produces and sells landfill-sourced renewable natural gas and electricity, raised $26 million by offering 3 million shares (77% primary) at $8.50, above the range of $7 to $8. The selling shareholders offered 0.9 million fewer shares than anticipated. The IPO float is just 2.2% of the basic shares outstanding. At pricing, the company commands a market value of $1.2 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 plans to list on the Nasdaq under the symbol MNTK. Roth Capital acted as a lead manager on the deal.
