Mineral rights owner Fortis Minerals withdraws estimated $400 million IPO

Fortis Minerals LLC, an EnCap-backed owner of oil and gas mineral royalty interests in the southwestern US, withdrew its plans for an initial public offering on Thursday. It originally filed in September 2019 with an estimated deal size of $400 million.

The Houston, TX-based company was founded in 2016 and booked $138 million in revenue for the 12 months ended June 30, 2019. It had planned to list on the NYSE under the symbol NRI. Credit Suisse, Goldman Sachs, Barclays, Citi, J.P. Morgan, RBC Capital Markets, Scotia Howard Weil, UBS Investment Bank and Wells Fargo Securities were set to be the joint bookrunners on the deal.

The article Mineral rights owner Fortis Minerals withdraws estimated $400 million IPO 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's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts 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.

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