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Oil and natgas firm Infinity Natural files for US IPO
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Oil and natgas firm Infinity Natural files for US IPO
Oct 4, 2024 10:17 PM

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)

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