Tamboran Resources (ASX: TBN) has launched its proposed New York Stock Exchange (NYSE) Initial Public Offering, presenting 6,5 million shares priced at US$24 – US$27 per share, representing 1/200th a share of the company’s common stock.
The Northern Territory shale gas explorer is focused on developing unconventional hydrocarbons in the Betaloo Basin and is striving to raise up to US$175 million to fund the drilling, completion and infrastructure required to reach targeted plateau rates from the proposed Shenandoah South Pilot Project.
Tamboran currently has a market value of approximately AU$391million.
The Company has indicated that a Final Investment Decision for Shenandoah could be imminent.
Upon successful completion of the IPO, Tamboran said it will trade on the NYSE under the ticker TBN. The company said it will continue to trade on the ASX.
The joint book-running managers on the IPO are BofA Securities, Citigroup and RBC Capital Markets, supported by Johnson Rice & Company and Piper Sandler as co-managers.
Tamboran said it has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock.
Tamboran Resources Managing Director and CEO, Joel Riddle, said:“We are excited to be launching our IPO in the US to support funding of our proposed Shenandoah South Pilot Project in the Beetaloo Basin.
“The US market has deep knowledge of the development of shale gas resources and a long history of supporting gas companies to fund their developments.
“Our Board of Directors believe the US listing will deliver Tamboran shareholders a greater reflection of the value of Tamboran’s assets.”
TBN was up nearly 6% trading at 19 cents.