The IPO Buzz: Peak Resources (PRB Proposed) Postpones IPO

Peak Resources L.P. (PRB Proposed), an oil and gas limited partnership, postponed its IPO today – Wednesday, Nov. 13, 2024 – and cited market conditions as the reason, according to  the word on the Street. Peak Resources had rescheduled its IPO pricing date a few times after disclosing the deal’s terms in mid-October. In the prospectus, Peak Resources said it would offer 4.7 million Class A common units at a price range of $13.00 to $15.00 to raise $65.8 million. Peak Resources’ deal was set to be an NYSE – American Exchange listing. Janney Montgomery Scott was on tap as the lead book-running manager of the Peak Resources IPO – with Roth Capital Partners and Texas Capital Securities as the joint book-running managers. Seaport Global was on board as the co-manager. Peak Resources’ proposed stock symbol “PRB” was a nod to Wyoming’s Powder River Basin,  where the company is active in fracking and other work to develop its oil and gas assets. As of June 30, 2024, Peak Resources said it operated a total of 104 gross (56 net) producing horizontal wells, according to the prospectus. Peak Resources L.P. is not profitable. The oil and gas limited partnership reported a net loss of $0.13 million (a net loss of $130,000) on revenue of $48.7 million for the 12 months that ended June 30, 2024, according to the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

This entry was posted in The IPO Buzz