By Ben Glickman
Mach Natural Resources said it plans to price its initial public offering for 10 million shares between $19 and $21 a share.
The Oklahoma City-based company initially filed for an IPO with the Securities and Exchange Commission in late September. The company has applied to list on the New York Stock Exchange under the ticker MNR.
Mach is focused on acquiring, developing and producing oil and natural gas in Western Oklahoma, Southern Kansas and the Texas panhandle.
At the midpoint of the expected range, Mach expects net proceeds of $181 million, or $208.9 million if underwriters purchase additional units. The company expects to use proceeds to pay down its credit facilities.
In 2022, the company had pro forma revenue of $1.2 billion and a profit of $639.1 million, or $6.68 a share.
Mach averaged 65,000 barrels of oil equivalent per day in production in the year ended June 30.
Stifel, Nicolaus & Co.; Raymond James & Associates; Janney Montgomery Scott; Stephens; and Johnson Rice & Co. are listed as the underwriters of the offering.
Write to Ben Glickman at [email protected]
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