Mineral Rights Firm Desert Peak Postpones IPO

The ‘mineral rights firm Desert Peak Minerals has decided to postpone its IPO. Expected to debut on the NYSE on Thursday 4th November under the ticker DPM, according to Seeking Alpha, decided to postpone ‘presumably’ due to lack of investor demand. The company has declined to comment.

Plans for IPO

The company had filed to raise $215 million by offering 10 million shares within a price range of $20 to $23. Additionally, the deal would have given the underwriters the option to buy an additional 1.5 million shares within 30 days.

The company plans to use $135 of the eventual IPO to pay back its borrowings from a line of credit, with an additional $64 million to fund additional acquisitions of mineral rights. Chris Conoscenti, the company’s CEO, plans to buy a number of shares for h...

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