Tamboran shares lower on US IPO pricing
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Tamboran Resources dipped after the ASX-listed gas explorer announced the pricing of its US initial public offering (IPO).
The numbers: Tamboran shares were down 2.8% to $0.18 by 12:10pm AEST.
The Sydney-based company priced its IPO of 3.125 million shares at USD24 ($36) per share, raising gross proceeds of USD75 million. Tamboran has also granted the underwriters a 30-day option to buy up to an additional 468,750 shares at the IPO price.
The raising was supported by USD20 million from existing shareholders Sheffield Holdings — an affiliate of Texan billionaire Bryan Sheffield — and Liberty Energy.
The context: Tamboran, which has faced opposition to its plans to frack in the Northern Territory's Beetaloo Basin, said shares will commence trading on the New York Stock Exchange today, under the ticker 'TBN'.
Proceeds of the offering will fund the ongoing drilling activities for the proposed Shenandoah South Pilot Project in the Beetaloo Basin.
The source: ASX announcement
