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Oil and gas E&P Trio Petroleum prices IPO at $3, the low end of the range

April 18, 2023

Trio Petroleum, a California-based oil and gas E&P, raised $6 million by offering 2 million shares at $3, the low end of the range of $3 to $4. The company offered 0.3 million more shares than anticipated.

Trio Petroleum Corp. is an oil and gas exploration and development company with operations in Monterey County, California. The company was formed to acquire Trio Petroleum LLC's working interest in the 8,600-acre South Salinas Project, and subsequently partner with certain members of Trio LLC's management team to develop and operate those assets. The company has no revenue-generating operations to date.

Trio Petroleum plans to list on the NYSE American under the symbol TPET. Spartan Capital Securities acted as sole bookrunner on the deal.