Natgas producer BKV valued at $1.56 bln in NYSE debut (updated)

BKV

26/09/2024 16:11

(Adds more details and context from paragraphs 2-6)
       Sept 26 (Reuters) - Shares of BKV  BKV.N  rose 3.1% in
their debut on the New York Stock Exchange on Thursday, giving
the U.S. natural gas producer a market capitalization of $1.56
billion. 
       The beginning of the U.S. Federal Reserve's long-awaited
interest rate-cutting cycle has opened a window of opportunity
for companies looking to list their shares. Some are also
accelerating their plans to avoid uncertainty stemming from the
presidential elections in November.
        The company's shares opened at $18.55 in their debut,
compared with the IPO price of $18. 
    BKV raised $270 million by selling 15 million shares in its
initial public offering for $18 each, below the targeted range
of $19 to $21 it had marketed earlier.
    EQT  EQT.N , the biggest U.S. natural gas producer, plans to
increase natural gas production in October and November as
demand for the fuel and prices increase, it said on Wednesday.
    U.S. natural gas producers planned to curtail production in
the second half of 2024 as gas prices had collapsed to
multi-year lows. 
    
    

 (Reporting by Vedant Vinayak Vichare; Editing by Shailesh Kuber
and Devika Syamnath)
 ((Vedant.VinayakVichare@thomsonreuters.com;))