Vantage Energy Acquisition Corp. priced its upsized IPO to raise $480 million, the blank-check company, led by Roger Biemans and backed by Natural Gas Partners, said April 10.
The Irving, Texas-based company priced the IPO of 48 million units, up from the original 40 million units, at $10 per unit. The offering comes roughly six months after Biemans sold the company's predecessor to Rice Energy Inc. (NYSE: RICE) for $2.7 billion.
In addition, the company has granted the underwriters, Citigroup, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co., a 45-day option to purchase up to an additional 7.2 million units at the IPO price to cover over-allotments, if any.
The units, which consist of one share of the company’s class A common stock and one-third of one warrant, are planned to list on the NASDAQ under the symbol "VEACU." Each whole warrant enables the holder to purchase one whole share of class A common stock at $11.50 per share.
The class A common stock will trade on the NASDAQ under "VEAC" and warrants will trade under "VEACW."
Biemans most recently served as chairman and CEO of Vantage Energy LLC, a private company founded in 2006 with investments from affiliates of Quantum Energy Partners, Riverstone Holdings LLC and Lime Rock Partners. The company had Marcellus acreage in the vaunted Greene County, Pa., core as well as rights to the Utica and Barnett shale plays.
RELATED:
Star-Crossed Shale Plays: The Marcellus And Barnett
Former Anadarko CEO Latest Headliner In $1 Billion ‘Blank-Check’ IPO
Recommended Reading
ICE to Open London Gas Hub, Creating Route Around EU Price Cap
2023-01-27 - The London market would not be subject to the EU's gas price cap and will provide an option against possible trading prevention and risk exposure.
Asian Spot Prices Extend Downtrend, Tracking Lower Prices in Europe
2023-01-27 - "The market has continued to weaken, mainly driven by a lack of demand from Asia, however the lower pricing has created opportunity for southeast Asia who we've seen issuing tenders," Trident LNG's Toby Copson said.
Oil Prices Firm on Upbeat US Economic Data
2023-01-27 - Buoyed by unexpected U.S. economic growth, Brent crude futures rose to $88.64/bbl while U.S. crude was up to $82.18/bbl.
Q&A: Dan Pickering Talks M&A, U.S. Production Growth and the Energy Transition
2023-01-27 - Dan Pickering, Chief Investment Officer of Pickering Energy Partners (PEP), discusses U.S. production and M&A after a “funky and weird” 2022 and sees the U.S. shale boom settling into a “shale business.”
Feds Approve Preliminary Restart of Freeport LNG’s Texas Facility
2023-01-26 - Freeport has yet to seek permission from federal regulators to restart the liquefaction trains, and analysts have said they expect most of the plant's production to remain offline until March or later.