Denver-based BKV Corp. (BKV Proposed), a U.S. natural gas and NGL producer active mostly in the Barnett Shale in the Fort Worth Basin in Texas, disclosed the terms for its $300 million IPO early today – Monday, Sept. 16, 2024. BKV Corp. is offering 15.0 million shares at a price range of $19.00 to $21.00 to raise $300.0 million, if priced at the $20.00 mid-point of its range, according to its S-1A filing. BKV Corp. says it will use the IPO proceeds to pay off some debt. The fracking company’s IPO is a New York Stock Exchange listing.
BKV Corp. is the American subsidiary of Banpu, Thailand’s largest coal mining company. The “BKV” in the U.S. company’s name stands for Banpu Kalnin Ventures. “Kalnin” is a reference to Chris Kalnin, the CEO of BKV Corp. The company was founded in 2015.
Citigroup, Barclays, Evercore ISI and Jefferies are the joint book-runners.
“We are engaged in the acquisition, operation and development of natural gas and NGL properties primarily located in the Barnett Shale in the Fort Worth Basin of Texas (the “Barnett”) and in the Marcellus Shale in the Appalachian Basin of Northeastern Pennsylvania (“NEPA”),” BKV Corp. said in the prospectus.
About 99 percent of BKV Corp.’s net acreage position – about 505,000 net acres as of Sept. 30, 2022 – was dedicated to production, the prospectus said.
Worth Noting: The Wall Street Journal’s profile of the company, published Dec. 28, 2023, and headlined: A Fracker Tries to Produce Guilt-Free Gas
For the 12 months that ended March 31, 2024, BKV Corp. reported a net loss of $17.9 million on revenue of $813.13 million, according to the prospectus.
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