Intel stock extends gains after report of possible U.S. government stake
Investing.com -- Infinity Natural Resources, an independent energy company, has launched its initial public offering (IPO) today. The company priced 13,250,000 shares of its Class A common stock at $20.00 each. Trading commenced on the New York Stock Exchange (NYSE) under the ticker symbol "INR", opening at $22.16 per share.
The IPO is managed by a host of financial institutions. Citigroup (NYSE:C), Raymond (NSE:RYMD) James, and RBC Capital Markets are acting as joint book-running managers. Other joint book-running managers include BofA Securities, Capital One (NYSE:COF) Securities, and Truist Securities. KeyBanc Capital Markets and Stephens Inc. are serving as senior co-managers. Additionally, Comerica (NYSE:CMA) Securities, Fifth Third Securities, First Citizens Capital Securities, and BTIG are acting as co-managers. BOK Financial Securities, Inc. and Zions Capital Markets have been designated as junior co-managers.
The company has also provided the underwriters with an option to buy up to an extra 1,987,500 shares of common stock. This option is at the initial public offering price, but it is less the underwriting discounts and commissions.
Infinity Natural Resources is a growth-oriented company that generates free cash flow. It is focused on acquiring, developing, and producing hydrocarbons in the Appalachian Basin. The company’s operations are concentrated on the volatile oil window of the Utica Shale in eastern Ohio. It also has stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania.
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