Private equity-backed Centennial Resource Development on Wednesday filed a Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering.
Centennial, formed by a Natural Gas Partners affiliate, put a $100 million placeholder value on the IPO. It plans to list an unspecified amount of shares on Nasdaq under ticker symbol CDEV.
If Centennial managed to complete an IPO this year, it could be the first by an oil and gas exploration and production company in between 18 and 24 months by some accounts.
Plunging energy prices led many PE-backed companies in recent years to postpone offerings.
Centennial is a Denver independent oil and natural gas company focused on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. Its assets are focused in the Delaware Basin, a sub-basin of the Permian, in Reeves, Ward and Pecos counties in west Texas.
Centennial, which is also backed by Carlyle Group (CG) - Get Report , said it would use the IPO proceeds for working capital and to provide liquidity for its operations. It also would repay a $65 million term loan and the balance on its revolving credit facility.
One of the last oil and gas-related entities to successfully list on a public market was NGP-backed pipeline operator Penntex Midstream Partners (PTXP) , which raised $225 million in June 2015 after pricing its offering at $20 per share, the midpoint of its expected $19 to $21 range.
Penntex shares closed Wednesday at $15.33.
Rice Midstream Partners (RMP) raised $413 million in a 25 million-unit offering in December 2014, versus its hoped-for $600 million. The affiliate of Canonsburg, Pa., oil and gas explorer Rice Energy (RICE) priced on the New York Stock Exchange at $16.50, well below its expected $19 to $21 range.
The shares, however, closed Wednesday at $18.94.
Barclays Capital and Credit Suisse Securities (USA) are underwriting the IPO.
Gerald M. Spedale and Andrew Ericksen of Baker Botts are providing legal counsel to the underwriters, while Douglas E. McWilliams and Christopher Schmitt of Vinson & Elkins represent Centennial.