Trio Petroleum, a California-based oil and gas E&P, announced terms for its IPO on Friday.
The Danville, CA-based company plans to raise $6 million by offering 1.7 million shares at a price range of $3 to $4. At the midpoint of the proposed range, Trio Petroleum would command a fully diluted market value of $78 million.
Trio Petroleum Corp. is an oil and gas exploration and development company with operations in Monterey County, California. The company was formed to acquire Trio Petroleum LLC's working interest in the 8,600-acre South Salinas Project, and subsequently partner with certain members of Trio LLC's management team to develop and operate those assets. The company has no revenue-generating operations to date.
Trio Petroleum was founded in 2021 and plans to list on the NYSE American under the symbol TPET. Spartan Capital Securities is the sole bookrunner on the deal.
