Vantage Energy Acquisition Corp. priced its upsized IPO to raise $480 million, the blank-check company, led by Roger Biemans and backed by Natural Gas Partners, said April 10.
The Irving, Texas-based company priced the IPO of 48 million units, up from the original 40 million units, at $10 per unit. The offering comes roughly six months after Biemans sold the company's predecessor to Rice Energy Inc. (NYSE: RICE) for $2.7 billion.
In addition, the company has granted the underwriters, Citigroup, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co., a 45-day option to purchase up to an additional 7.2 million units at the IPO price to cover over-allotments, if any.
The units, which consist of one share of the company’s class A common stock and one-third of one warrant, are planned to list on the NASDAQ under the symbol "VEACU." Each whole warrant enables the holder to purchase one whole share of class A common stock at $11.50 per share.
The class A common stock will trade on the NASDAQ under "VEAC" and warrants will trade under "VEACW."
Biemans most recently served as chairman and CEO of Vantage Energy LLC, a private company founded in 2006 with investments from affiliates of Quantum Energy Partners, Riverstone Holdings LLC and Lime Rock Partners. The company had Marcellus acreage in the vaunted Greene County, Pa., core as well as rights to the Utica and Barnett shale plays.
RELATED:
Star-Crossed Shale Plays: The Marcellus And Barnett
Former Anadarko CEO Latest Headliner In $1 Billion ‘Blank-Check’ IPO
Recommended Reading
Waha NatGas Prices Go Negative
2024-03-14 - An Enterprise Partners executive said conditions make for a strong LNG export market at an industry lunch on March 14.
Summit Midstream Launches Double E Pipeline Open Season
2024-04-02 - The Double E pipeline is set to deliver gas to the Waha Hub before the Matterhorn Express pipeline provides sorely needed takeaway capacity, an analyst said.
Kinder Morgan Sees Need for Another Permian NatGas Pipeline
2024-04-18 - Negative prices, tight capacity and upcoming demand are driving natural gas leaders at Kinder Morgan to think about more takeaway capacity.
Enbridge Announces $500MM Investment in Gulf Coast Facilities
2024-03-06 - Enbridge’s 2024 budget will go primarily towards crude export and storage, advancing plans that see continued growth in power generated by natural gas.
Williams Beats 2023 Expectations, Touts Natgas Infrastructure Additions
2024-02-14 - Williams to continue developing natural gas infrastructure in 2024 with growth capex expected to top $1.45 billion.