Infinity Natural Resources (INR), an oil and natural gas producer involved in fracking in Ohio and Pennsylvania, priced its IPO at $20.00 – $1.00 below the top of its $18.00-to-$21.00 price range – on Thursday night, Jan. 30, 2025. Infinity Natural Resources sold 13.25 million shares – the number of shares in the prospectus – at $20.00 each to raise $265.0 million. Under those pricing terms, Infinity Natural Resources has a market cap of about $1.17 billion.
Shares of Infinity Natural Resources (INR) are expected to start trading on Friday, Jan. 31, 2025, on the New York Stock Exchange.
Citigroup, Raymond James, RBC Capital Markets, BofA Securities, Capital One Securities and Truist Securities acted as the joint book-runners.
In the prospectus, Infinity Natural Resources said it plans to use the IPO’s proceeds to repay debt.
Infinity Natural Resources, based in Morgantown, West Virginia, is a profitable oil and natural gas producer engaged in fracking in the Utica Shale in Ohio and Pennsylvania and the Marcellus Shale in Pennsylvania.
For the 12 months that ended June 30, 2024, Infinity Natural Resources (INR) earned net income of $54.5 million on revenue of $221.01 million, according to financial statements in the prospectus.
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