WhiteHawk Minerals, which owns natural gas mineral and royalty interests in the Marcellus and Haynesville Shales, announced terms for its IPO on Tuesday.
The Philadelphia, PA-based company plans to raise $180 million by offering 6.9 million shares at a price range of $25 to $27. At the midpoint of the proposed range, WhiteHawk Minerals would command a fully diluted market value of $678 million. Cornerstone investors Horizon Kinetics and T. Rowe Price have indicated on the IPO.
WhiteHawk is a natural gas mineral and royalty business, with assets concentrated in the Marcellus and Haynesville Shales in the Appalachian and Haynesville Basins. As of December 31, 2025, the company's portfolio spans approximately 3.4 million gross drilling spacing unit (DSU) acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville Basins and represents an economic interest in approximately 13% of all natural gas produced in the US.
WhiteHawk Minerals was founded in 2022 and booked $89 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE under the symbol WHK. Raymond James, Stifel, J.P. Morgan, Capital One Securities, and Stephens Inc. are the joint bookrunners on the deal. It is expected to price the week of June 1, 2026.
