By Ben Glickman
Mach Natural Resources priced its initial public offering of 10 million units at $19 a share, the bottom end of its anticipated price range.
The Oklahoma City-based company previously said it would price shares between $19 and $21. At the given price, the company expects net proceeds of $171.7 million, which it expects to use to pay down its debt.
Mach is an oil and natural gas company working in Western Oklahoma, Southern Kansas and the Texas panhandle.
The company has applied to list on the New York Stock Exchange under the ticker MNR.
Mach produced about 65,000 barrels of oil equivalent per day on average in the year ended June 30, and generated pro forma revenue of $1.2 billion in 2022.
Write to Ben Glickman at ben.glickman@wsj.com
Read the full article here
