Oct 4 (Reuters) -
Oil and natural gas developer Infinity Natural Resources is
pursuing an initial public offering in the United States after
nearly doubling its revenue in the first half of the year, a
filing from the company showed on Friday.
Backed by investment firms Pearl Energy Investments and NGP
Capital, Infinity will aim to list on the NYSE. Its filing comes
days after shares of natural gas producer BKV started
trading.
Infinity is poised to enter the public market at a solid
financial position, bolstered by a recent surge in oil prices as
fears of a wider conflict in the Middle East threaten to disrupt
global supply.
Its total revenue was $120.7 million for the six months
ended June 30, compared with $61.4 million in the same period
last year. Net income, however, fell 76% chiefly due to
unrealized losses on derivatives that the company buys as a
hedge against wild price fluctuations.
The beginning of a long-anticipated cycle of interest rate
cuts by the U.S. Federal Reserve has sparked more activity in
the IPO market, despite looming uncertainty from the
presidential election in November.
Citigroup, Raymond James and RBC Capital Markets are the
underwriters for Infinity's IPO.
(Reporting by Niket Nishant in Bengaluru; Editing by Devika
Syamnath)