WhiteHawk Minerals, which owns natural gas mineral and royalty interests in the Marcellus and Haynesville Shales, raised $200 million by offering 7.7 million shares at $26, within the $25 to $27 range. The company offered 0.8 million more shares than anticipated. Cornerstone investors Horizon Kinetics and T. Rowe Price had indicated on $74 million of the IPO (37% of the deal).
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 plans to issue a quarterly dividend.
The Philadelphia, PA-based company will trade on the NYSE under the symbol WHK. Raymond James, Stifel, J.P. Morgan, Capital One Securities, and Stephens Inc. acted as joint bookrunners on the deal.
