05:04 PM EST, 03/05/2024 (MT Newswires) -- Viper Energy ( VNOM ) said late Tuesday it launched an underwritten public offering of 11.5 million shares of its class A common stock by its parent Diamondback Energy (FANG).

The offering is subject to market conditions, Viper said, adding it won't receive any proceeds from the sale of the shares.

Diamondback has given underwriters a 30-day option to buy up to an additional 1.725 million shares of Viper stock.

Viper shares were falling past 5% in recent after-hours trading.

Price: 36.3, Change: -2.04, Percent Change: -5.32