(Reuters) -Private equity-backed Infinity Natural Resources ( INR ) was valued at $1.30 billion after shares of the oil and natural gas producer rose 10.8% in their debut on the New York Stock Exchange on Friday.

The Morgantown, West Virginia-based company's stock opened at $22.16, above the offer price of $20 apiece.

Infinity, backed by buyout firms Pearl Energy Investments and NGP, sold 13.25 million shares within the marketed range of $18 and $21 to raise $265 million.

The listing comes against the backdrop of a more fossil fuel-friendly Trump administration amid a steady stream of energy IPOs.

President Donald Trump last week declared a national energy emergency to boost U.S. oil and natural gas production.

Founded in 2017, Infinity has grown over the years through a series of acquisitions. Its operations are located in the Appalachian basin in the northeastern United States.

The company, which has amassed about 93,000 net acres, goes public after more than doubling its profit in the first nine months of 2024.

Infinity has exposure to both oil and gas assets, allowing it the flexibility to shift its drilling efforts based on commodity price changes.

Its major customers include Marathon Oil, BP America and Blue Racer Midstream. The company acquired certain oil and gas assets from Utica Resource Ventures and PEO Ohio for $279 million last year.

Citigroup, Raymond James and RBC Capital Markets were the lead underwriters for the offering.

Pearl and NGP continue to collectively hold a majority of Infinity's voting power.

The company, which tapped 14 banks for the offering, will use the proceeds to repay debt and for other purposes.

Marine transportation services provider Hornbeck Offshore Services and drilling equipment provider HMH Holding are among the other IPO hopefuls from the energy sector.