WhiteHawk targets $701-million valuation in US IPO

PHILADELPHIA, May 27, 2026 – Natural gas royalty firm WhiteHawk Minerals is seeking to raise up to USD 187 million in a public offer of about 6.9 million shares, Reuters reported on Tuesday.

A successful placement would imply a company valuation of about USD 701.2 million. The company initially announced its filing of a registration statement with the US Securities and Exchange Commission towards listing its shares on the New York Stock Exchange on May 11, 2026.

The IPO comes amid rising investor interest in US energy assets, and particularly in companies involved in natural gas supply for electricity generation, which will play an increasingly important role as power-hungry data centres proliferate across the country.

Funds and accounts managed by Horizon Kinetics Asset Management and T. Rowe Price Investment Management are set to buy shares for up to USD 74 million, Reuters reported. Raymond James & Associates, Stifel, Nicolaus & Company and J.P. Morgan Securities are acting as joint book-running managers for the offering.

Founded in 2022, WhiteHawk buys and manages gas and mineral royalty interests in the US, with a focus on the Appalachian and Haynesville basins. As of end-2025, the company’s portfolio totalled 3.4 million gross acres.

Photo by Joshua Tsu

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