New Source Energy IPO watch: According to the New York Stock Exchange data, New Source Energy intends to go public on May 07. The company will offer 9,100,000 shares of its common stock. The New Source Energy IPO price is anticipated to be between $10.00 and $12.00 per share. The company has applied to list its common stock on the New York Stock Exchange under the symbol “NSE.” Assuming a public offering price of $11.00 per share, which is the middle point of the previously announced New Source Energy IPO price range, the company will collect net proceeds of approximately $90.3 million from this offering.
BMO Capital Marketsand KeyBanc Capital Markets are acting as the lead underwriters of the New Source Energy IPO. The New Source Energy IPO underwriting syndicate also includes SunTrust Robinson Humphrey, Johnson Rice & Company and Robert W. Baird & Co. The underwriters have an option to purchase up to an additional 1,365,000 shares at the New Source Energy IPO price to cover over-allotments.
The company intends to use the net proceeds from this offering to repay outstanding indebtedness, fund development program and acquisitions, and for general corporate purposes. In addition, a portion of the net proceeds may be used o pay withholding tax, if any.
New Source Energy was founded on July 12, 2011 and is an independent energy company engaged in the acquisition and development of oil and natural gas properties in the United States. For the year ended December 31, 2009, 2010 and 2011, New Source Energy recognized revenues of $31.06 million, $41.72 million and $49.977 million, respectively. The company posted net incomes of $5.18 million and $11.31 million, and a net loss of $0.65 million for such years, respectively.
The company filed the IPO registration statement as early as August 19, 2011.
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New Source Energy IPO