May 5 Oil and gas company Eclipse Resources Corp
filed with U.S. regulators for an initial public offering of
common stock that would raise about $100 million.
Citigroup, Goldman Sachs & Co and Morgan Stanley are the
lead underwriters for the IPO, the company said in a filing with
the U.S Securities and Exchange Commission on Monday. (link.reuters.com/has98v)
The company, backed by private equity firm EnCap Investments
LP, has over 90,000 acres in the Utica shale and 20,000 acres in
the Marcellus shale, both in Ohio.
Eclipse also shares some acreage with Warburg Pincus-backed
Antero Resources Corp, which had a stronger-than-expected
market debut in October last year.
Chief Executive Benjamin Hulburt told Reuters in an
interview in November that Eclipse was considering an IPO that
could come around the middle of this year.
Hulburt previously co-founded Rex Energy Corp in
2001 and took the company public in 2007.
Eclipse intends to list its common stock on the New York
Stock Exchange under the symbol "ECR".
Net proceeds from the offering would be used for capital
expenditure and general corporate purposes, the
Pennsylvania-based company said in the filing.
Eclipse reported a net loss of $11.99 million on total
revenue of $24.8 million for the three months ended March 31.
The filing did not reveal how many shares the company
planned to sell or their expected price.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Sriraj