BKV Corporation (NYSE: BKV), a key subsidiary of the Thai energy giant Banpu Public Company Limited (SET: BANPU), has officially announced an underwritten public offering of its common stock. The company is offering 5,550,000 shares priced at USD 27.00 per share, a move expected to generate approximately USD 147.52 million in gross proceeds, before accounting for underwriting discounts and other expenses.
Following the completion of this offering, BANPU’s ownership stake in BKV will adjust to 64.1%. To manage potential over-allotment, BKV has also granted underwriters a 30-day “Greenshoe” option, allowing them to purchase up to 1,453,813 additional shares under the same terms and conditions.
According to company filings, BKV intends to utilize the net proceeds to bolster its U.S. closed-loop gas business. Specifically, the funds are earmarked for:
- Capital expenditures and operating expenses to drive expansion.
- Working capital to support daily operations.
- Strengthening the capital structure to ensure financial flexibility for future growth opportunities.
This offering marks a significant step for BKV as it seeks to solidify its position in the American energy sector while maintaining a robust financial foundation for long-term scalability.
