Remora Royalties, which owns oil and gas mineral royalty interests underlying 600,000 acres across the US, announced terms for its IPO on Monday.
The Austin, TX-based company plans to raise $105 million by offering 5.3 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Remora Royalties would command a fully diluted market value of $210 million and an enterprise value of $217 million.
Remora Royalties was founded in 2011 and booked $31 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol RRI. RBC Capital Markets, Wells Fargo Securities, UBS Investment Bank and Stifel are the joint bookrunners on the deal. It is expected to price during the week of September 17, 2018.
