Desert Peak Minerals, which owns and manages mineral and royalty interests in the Permian Basin, postponed its IPO on Friday. It had filed to raise $215 million by offering 10 million shares at a price range of $20 to $23.
Desert Peak acquires, owns, and manages mineral and royalty interests in exclusively focused in the Permian Basin. As of June 30, 2021, the company owned mineral and royalty interests representing 75,602 net royalty acres when adjusted to a 1/8th royalty, approximately 99% of which were located in West Texas. The remaining 1% of its NRAs are located in southeastern New Mexico.
The Denver, CO-based company was founded in 2019 and booked $60 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the NYSE under the symbol DPM. Barclays, Credit Suisse, UBS Investment Bank, Capital One Securities, Citi, Evercore ISI, and RBC Capital Markets were set to be the joint bookrunners on the deal.
