Tamboran Resources plans to raise $166 million by issuing 6.5 million shares of stock at a price of $24 to $27 per share.
According to the news from ZhITong Finance APP, Tamboran Resources, a natural gas exploration and production company focused on the Beetaloo Basin in northern Australia, announced the terms of its IPO on Monday. Tamboran Resources plans to go public on the New York Stock Exchange under the stock code "TBN", and the company is currently listed on the Australian Securities Exchange.
Tamboran Resources plans to raise $166 million by issuing 6.5 million shares of stock at a price of $24 to $27 per share. New and existing investors intend to purchase $23 million worth of shares (14% of the transaction), and an affiliate intends to purchase an additional $8 million worth of shares in the concurrent private placement. At the midpoint of the proposed price range, Tamboran Resources's market valuation will reach $448 million.
Tamboran Resources is an early-stage independent natural gas exploration and production company focused on the commercial development of resources in the Beetaloo Basin in northern Australia. The company and its working interest partners hold exploration licenses for approximately 4.7 million contiguous gross acres (approximately 1.9 million net acres owned by Tamboran), and they are currently the largest landholder in the Beetaloo Basin. To date, Tamboran has been involved in drilling seven wells, although it considers only six wells drilled in the past three fiscal years to be appraisal wells. So far, the company has not generated any revenue, and it does not expect to generate significant revenue from production until 2026.
Bank of America Securities, Citigroup, and Royal Bank of Canada Capital Markets are the joint bookrunners for this transaction. The company is expected to announce final pricing on June 24, 2024.