Ascent eyes $6bn public listing
Ascent Resources, a US shale player with assets in Ohio, is aiming to hold an initial public offering on the New York Stock Exchange that could value its business at $6bn, Reuters reported on March 31.
The US securities and exchange regulator could receive Ascent's listing papers next month, in preparation for an IPO in the second half of 2022. Ascent's current owners are private equity firms Energy & Minerals Group and First Reserve Corp. Reuters said the IPO could be the first big stock listing for US shale since gas prices hit new highs following Moscow's invasion of Ukraine in February.
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The company is the largest gas producer in Ohio's Utica shale formation with licences that comprise 9.2 trillion ft3 in proven oil, gas and condensate reserves.
Ascent's owners have consulted Citigroup and Barclays on a potential IPO. Ascent Resources is also looking at a partnership deal with fellow US gas E&P company Gulfport Energy, Bloomberg reported on February 25.
None of the companies involved commented on the speculation. Reuters' contacts warned market trading conditions would influence the IPO's timing and valuation.