Natural gas producer BKV Corp said on Wednesday it had raised $270 million in its U.S. initial public offering.
The company priced its offering of 15 million shares at $18 apiece, below its targeted range of $19 to $21.
The U.S. IPO market, which traditionally tends to be active in September following a summer lull, has been further buoyed this month by the Federal Reserve's interest rate cut.
Expectations of further easing in monetary policy through 2025 and lower volatility in the stock markets are expected to drive a broader recovery in investor sentiment.
BKV's IPO valued the company at $1.51 billion, according to shares outstanding listed on its IPO prospectus.
The Denver-based company, which has operations in Texas' Barnett shale and Pennsylvania's Marcellus shale, had first filed for a stock market floatation nearly two years ago.
It posted a net loss of $98.3 million in the first half of the year, compared with a profit of $60.8 million in the same period in 2023, a regulatory filing showed.
BKV had cash and cash equivalents of $9.2 million at the end of the first half of this year, compared with $22.4 million a year earlier.
The company's stock will trade on the New York Stock Exchange under the ticker symbol "BKV".
Citigroup and Barclays are the lead book-running managers for the offering.
