Banpu Public Company Limited (SET: BANPU) has informed that on 25th September 2024 (New York Time), BKV Corporation (BKV), BANPU’s subsidiary, announced the pricing of its initial public offering (IPO) of 15,000,000 shares of its common stock at USD 18 per share. The shares will begin trading on the New York Stock Exchange (NYSE) on 26th September 2024 (New York Time), under the ticker symbol “BKV” and the offering is expected to close on 27th September 2024, subject to customary closing conditions.
The underwriters will have a 30-day option to purchase an additional 2,250,000 shares from BKV at the IPO price, less underwriting discounts and commissions.
Citigroup and Barclays acted as lead book-running managers for the offering. Evercore ISI, Jefferies and Mizuho acted as joint book-running managers. KeyBanc Capital Markets, Susquehanna Financial Group, LLLP, TPH&Co., the energy business of Perella Weinberg Partners, and Truist Securities acted as senior co-managers. Citizens JMP and SMBC Nikko acted as co-managers for the offering.
A registration statement relating to the offering was declared effective by the U.S. Securities and Exchange Commission (SEC) on 25th September 2024. To obtain a copy of the prospectus, visit the SEC’s website, www.sec.gov, and search under the registrant’s name, “BKV Corporation.”
Mr. Sinon Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, said, “Banpu underscores the importance of our operations in the United States, one of the strategic countries of the Company. BKV plays a key role in our natural gas strategy to provide lasting benefits for customers, investors, and stakeholders. We are proud and excited to take this significant step forward for the company as we are committed to driving decarbonization goals towards sustainable growth across our business lines, and are continuously building a truly unique company, with the goal of delivering innovative, reliable, and clean energy solutions to the U.S. and the world.”
Under BKV’s management, Banpu’s energy business in the U.S. has experienced steady growth, since Banpu’s initial investment in 2015. BKV operates natural gas upstream operations in the Barnett Shale in Texas and the Marcellus Shale in northeastern Pennsylvania. In addition, through the BKV-BPP US joint venture, Banpu’s portfolio has been diversified through the acquisitions of Temple I and Temple II, Combined Cycle Gas Turbines (CCGT) power plants. BKV has also invested in CCUS projects, and in the development of premium-quality Carbon Sequestered Gas (CSG). In addition, the BPP Power joint venture has developed the Solar Power Plant (Ponder Solar Project) on the existing land in the Barnett Shale.
