ProFrac’s listing comes at an inopportune time, with equity markets bleeding from fears of aggressive monetary policy tightening by the Federal Reserve and impacts of the Russia-Ukraine war.
ProFrac’s listing, which raised $288 million from the issue of 16 million new shares, comes in a rocky year for U.S. capital markets and underscores the challenges facing IPO-bound companies.
While the volatility in commodity prices makes its exact valuation uncertain, BKV Corp. may be worth up to $2 billion, including debt, when it lists, sources say.
Austin, Texas-based Atlas Sand has hired Goldman Sachs Group Inc. to lead preparations for the IPO, which could value the company at between $2 billion and $3 billion including debt, sources say.
Excelerate’s offering is the first LNG-related IPO in the U.S. since 2019, indicating a reversal in fortunes for fossil fuel companies as crude oil and natural gas prices bounced back from pandemic lows.
Excelerate Energy sold 16 million shares on April 12 at $24 each, the company said. It had previously indicated it would price its shares at $21 to $24. The IPO values Excelerate at $2.54 billion.
Founded in 2003 by oil and gas tycoon George Kaiser, Excelerate Energy aims to raise up to $384 million through an IPO that could value the Texas-based LNG company at about $2.54 billion.
The two private equity firms that own Ascent Resources—the Energy & Minerals Group and First Reserve Corp.— are working with Citigroup Inc. and Barclays Plc to prepare for an IPO of Ascent, the sources said.
Eni, headed by CEO Claudio Descalzi, will remain a majority shareholder in a venture that one source close to the matter said could be valued at between $10 billion and $13 billion in an IPO.
Gulf oil producers are looking at sales of stakes in energy assets, capitalizing on a rebound in crude prices to attract foreign investors.