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Centennial Resource Development officially withdraws $100 million IPO following sale to SPAC

Centennial Resource Development, a oil and gas E&P with 61 horizontal wells in the Permian Basin, withdrew its plans for an initial public offering on Monday. It originally filed in June 2016 with a proposed deal size of $100 million, and in July it announced that Mark Papa's blank check company Silver Run Acquisition (SRAQ; +59%), which went listed in February, would acquire a stake in Centennial.

The Denver, CO-based company was founded in 2012 and booked $81 million in sales for the 12 months ended March 31, 2016. It had planned to list on the Nasdaq under the symbol CDEV. Credit Suisse and Barclays were set to be the joint bookrunners on the deal.

The article Centennial Resource Development officially withdraws $100 million IPO following sale to SPAC originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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