Denver-based BKV Corp., the largest natural gas producer in the Barnett Shale, on Monday launched a bid to take the company public.
In announcing the initial public offering (IPO), the independent said it planned to list on the New York Stock Exchange under the symbol BKV. The company is offering 15 million shares at a proposed price of $19-21/share. At the midpoint of the range, BKV could raise $300 million and command a market value of $1.7 billion. Underwriters would have a 30-day option to purchase another 2.25 million shares.
Considered one of the top natural gas producers in the United States, BKV became the Barnett’s largest gas producer in 2019 after buying assets from Devon Energy Corp. That transaction represented one of several in the Lower 48 since 2016. In 2022, BKV padded its portfolio with assets purchased from ExxonMobil subsidiaries XTO Energy Inc. and Barnett Gathering LLC.
