Natural gas mineral and royalty business WhiteHawk filed for a U.S. initial public offering on Monday, disclosing a 615 per cent revenue surge in 2025, as higher oil prices spur fresh energy listings.
The Philadelphia, Pennsylvania-based company reported a net loss of US$3.6 million on revenue of $67.6 million in the year ended December 31, compared with a net loss of $11.6 million on revenue of $9.5 million a year earlier.
The offering comes as the conflict in the Middle East has sent crude prices higher, boosting the appeal of U.S. energy assets and paving the way for more oil and gas issuers to tap the new listing market.
Drilling equipment maker HMH went public in New York in April, while Permian-focused EagleRock is also poised to debut later this week.
The broader U.S. IPO market has also shrugged off geopolitical uncertainty, with several issuers racing to list before SpaceX’s expected blockbuster debut in June, which could suck the oxygen out of the IPO market.
Founded in 2022, WhiteHawk manages natural gas mineral and royalty interests across roughly 3.4 million gross unit DSU acres in U.S. basins, focused primarily on the Appalachian and Haynesville basins as of Dec. 31.
WhiteHawk, which plans to sell new shares in the offering, has bulked up through eight major acquisitions since its inception.
Raymond James, Stifel, and J.P. Morgan are the joint lead bookrunners. WhiteHawk will list on the NYSE under the symbol “WHK.”
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)
