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Vine Energy, a Blackstone-backed natural gas E&P operating in Louisiana’s Haynesville Basin, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal that we estimate could raise up to $300 million. The company previously filed to raise $500 million in April 2017, but withdrew nearly two years later in May 2019.

Blackstone-backed natural gas E&P Vine Energy refiles for an estimated $300 million IPO- oil and gas 360Vine Energy is focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. The company has approximately 125,000 net surface acres centered in Haynesville, approximately 84% of which is prospective for dual-zone development, providing approximately 900 drilling locations among Vine, Brix, and Harvest. As of 12/31/2020, the company had approximately 370 net producing wells and roughly 25 years of development opportunities. Vine Holdings is currently undergoing a corporate reorganization, during which the company will consolidate ownership of Vine Oil & Gas, Brix, and Harvest; the reorganization will be complete after the offering.

The Plano, TX-based company was founded in 2014 and booked $379 million in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol VEI. Vine Energy filed confidentially on November 24, 2020. Citi, Credit Suisse and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Blackstone-backed natural gas E&P Vine Energy refiles for an estimated $300 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO)Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

 


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