Energy SPAC Flame Acquisition files for a $250 million IPO

Flame Acquisition, a blank check company led by industry veterans targeting the energy sector, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The Houston, TX-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Flame Acquisition would command a market value of $313 million.

The company is led by CEO and Chairman James Flores, the former CEO of Sable Permian Resources and Vice Chairman of Freeport-McMoRan, and CFO Gregory Patrinely, the former CFO of Sable Permian Resources. The company plans to target the energy industry, primarily targeting the upstream exploration and production sector, midstream sector, and companies focused on new advancing technologies that are transformative and provide the potential for and means to achieve greater profitability in the broader energy sector.

Flame Acquisition was founded in 2020 and plans to list on the NYSE under the symbol FLME.U. The company filed confidentially on November 30, 2020. Cowen and Intrepid Partners are the joint bookrunners on the deal.