Vine Energy, a Blackstone-backed natural gas E&P operating in Louisiana's Haynesville Basin, announced terms for its IPO on Tuesday.
The Plano, TX-based company plans to raise $328 million by offering 18.8 million shares at a price range of $16 to $19. At the midpoint of the proposed range, Vine Energy would command a market value of $1.2 billion.
Vine Energy is focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. As of 12/31/2020, the company had approximately 370 net producing wells and roughly 25 years of development opportunities.
Vine Energy was founded in 2014 and booked $379 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol VEI. Citi, Credit Suisse, Morgan Stanley, BofA Securities, Barclays and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
