BKV Corporation, a U.S. natural gas producer, filed for an initial public offering in the United States on Friday, against a backdrop of growing energy demand and unpredictable commodities prices.
Energy businesses have been among the biggest winners this year, as the conflict in Ukraine puts additional strain on the commodities supply chain. This year, the S&P 500 Energy Index (.SPNY) has gained over 67%, surpassing the benchmark S&P 500 Index (.SPX).
However, following a successful 2021, the IPO market in the United States has slammed the door on startups this year, with businesses deferring listings blaming unstable market conditions. Those that have elected to proceed with their offers have received a lukewarm reception, adding pressure to IPO-bound firms.
According to a regulatory filing with the US Securities and Exchange Commission, BKV reported a profit of $1.24 per diluted share for the nine months ended September 30, compared to a loss of $3.21 per share the previous year.
The gas producer intends to list its shares on the New York Stock Exchange under the ticker name ‘BKV.’
The offering’s underwriters include Credit Suisse, BofA Securities, Barclays, and Citigroup.
