Rise Oil & Gas, a Texas-based oil and gas E&P, announced terms for its IPO on Wednesday.
The Austin, TX-based company plans to raise $10 million by offering 2 million shares at a price of $5. At the proposed price, Rise Oil & Gas would command a fully diluted market value of $29 million.
Because the company is expected to have a post-IPO market cap of less than $50 million, Rise Oil & Gas will be excluded from Renaissance Capital's 2023 IPO stats.
Formed by former executives from Ring Energy (NYSEAM: REI), Rise Oil & Gas is an independent oil and natural gas company focused on securing high-quality, long-lived oil and natural gas assets. The company acquired its initial acreage position in August 2022, consisting of 2,480 contiguous undeveloped leasehold acres in the Texas portion of the Permian Basin. Since then, it has acquired an additional 1,859 gross (868 net) undeveloped leasehold acres in other areas within the Texas portion of the Permian Basin. Rise currently has no revenue-generating operations.
Rise Oil & Gas was founded in 2021 and plans to list on the NYSE American under the symbol RISE. ThinkEquity is the sole bookrunner on the deal.
