Cinco Resources, Inc. has just joined the wave of energy outfits planning to come to market via an initial public offering. This is an oil and natural gas company focused on shale assets in Texas, Wyoming, and also in Oklahoma. No financial terms have been set for the IPO other than that it plans to sell up to $172.5 million in common stock.
As far as how it will list, the company will have the common stock listed on the NASDAQ National Market under the symbol “CINC.” The company noted that the underwriters are Citigroup and Wells Fargo Securities but no co-managers were yet named.
The company notes, “We are an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources.” Its assets are mainly as follows:
- the Eagle Ford Shale in South Texas,
- the Powder River Basin of Wyoming,
- and the Woodford Shale in the Arkoma Basin of eastern Oklahoma.
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