Viper Energy Partners LP, a subsidiary of Diamondback Energy Inc. (Nasdaq:FANG), and Diamondback have reported the closing of Viper's initial public offering of 5,750,000 common units representing limited partner interests at $26.00 per common unit.
The number of common units issued at closing included 750,000 common units that were issued pursuant to the full exercise of the underwriters' over-allotment option. The common units began trading on the NASDAQ Global Select Market on June 18 under the ticker symbol "VNOM."
The common units sold to the public represent an approximate 8% limited partner interest in Viper. Diamondback owns the remaining approximate 92% limited partner interest in Viper and the general partner of Viper.
Viper intends to distribute the net proceeds from the offering to Diamondback.
Barclays, Credit Suisse, and Wells Fargo Securities acted as joint book-running managers for the offering, Baird, Raymond James, Scotiabank / Howard Weil, Simmons & Co. International, Stifel and Tudor, Pickering, Holt & Co. acted as senior co-managers for the offering, and Northland Capital Markets, Sterne Agee, and Wunderlich Securities acted as co-managers for the offering.
Viper Energy Partners is a limited partnership formed by Diamondback Energy that is engaged in owning, acquiring, and exploiting oil and natural gas properties in North America, with an initial focus on the Permian Basin.