(Bloomberg) -- A gas-producing unit of Banpu Pcl, a Thai coal and power company, is seeking to raise as much as $315 million in a US initial public offering.
BKV Corp. plans to market 15 million shares for $19 to $21 each, according to a statement Monday. The Denver-headquartered company produces natural gas from upstream businesses it owns and operates, according to an earlier filing with the US Securities and Exchange Commission.
The company and its predecessor were founded in 2015, and entered the Barnett shale formation in Texas in 2020, the filing shows. As of June 30, BKV had about 479,000 net acres, the majority of them in the Barnett as well as the Northeast Marcellus formation in Pennsylvania. Its businesses also include power generation, carbon capture, utilization and sequestration, according to the filing.
The launch comes as IPOs continue to rebound after lean post-pandemic years. First-time share sales on US exchanges raised $33 billion so far in 2024, 65% more than in the same period a year earlier, according to data compiled by Bloomberg.
BKV posted a net loss of $98 million on revenue of $288 million for the first six months of 2024, compared with net income of $61 million on revenue of $487 million a year earlier, the filing shows. It first filed for an IPO in 2022, a filing at the time shows.
Banpu beneficially owns 93% of BKV, the filing shows. After the IPO, Banpu will continue to hold the majority of BKV’s shareholder voting power.
Banpu is an energy provider with businesses including coal, gas, power and energy technology, its 2023 annual report shows. The company’s shares have fallen 8.1% in Bangkok this year, leaving it with a market value of about $1.9 billion.
BKV’s offering is being led by Citigroup Inc. and Barclays Plc. The company plans for its shares to trade on the New York Stock Exchange under the symbol BKV.
--With assistance from Amy Or and Michael Hytha.
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