Remora Royalties (RRI) Plans to Raise $106 Million in September 21st IPO
Remora Royalties (RRI) plans to raise $106 million in an initial public offering (IPO) on Friday, September 21st, IPO Scoop reports. The company plans to issue 5,300,000 shares at a price of $19.00-$21.00 per share.
In the last 12 months, Remora Royalties generated $35.3 million in revenue and had a net loss of $13.8 million. The company has a market cap of $210.4 million.
RBC Capital Markets, Wells Fargo Securities, UBS Investment Bank and Stifel served as the underwriters for the IPO and Stephens and Seaport Global Securities were co-managers.
Remora Royalties provided the following description of their company for its IPO: ” We are a growth-oriented Delaware corporation formed to own and acquire overriding royalty, mineral and royalty interests in oil and natural gas properties. We refer to these non-cost-bearing interests which entitle us to a portion of the revenues received from the production of oil, natural gas and associated NGLs from the acreage underlying our interests, net of post-production expenses and taxes collectively as our “royalty interests.” Our royalty interests are located in 12 states and in 13 major onshore basins across the continental United States and include ownership in approximately 3,600 gross producing wells, predominantly in the Midcontinent, South Texas/Gulf Coast, East Texas/North Louisiana and Permian Basin, which are among the most historically prolific oil and natural gas regions in the United States. “.
Remora Royalties was founded in 2018 and has 22 employees. The company is located at 807 Las Cimas Parkway, Building II Suite 275, Austin, TX 78746, US and can be reached via phone at (512) 579-3590 or on the web at http://www.remoraroyalties.com.
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