Whitehawk Minerals seeks up to $187 million in IPO

WhiteHawk Minerals, a natural gas mineral and royalty business, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to raise up to $187 million. The company, formerly known as WhiteHawk Income Corporation, plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol "WHK" and will change its name to WhiteHawk Minerals Corp. in connection with the offering.

The company owns mineral and royalty interests across approximately 3.4 million gross drilling spacing unit (DSU) acres, primarily in the Appalachian and Haynesville Basins. These assets represent an economic interest in about 13% of all natural gas produced in the United States as of December 31, 2025. WhiteHawk reported $68 million in revenue for the 12 months ended December 31, 2025, with total assets of $507.1 million and total liabilities of $270.7 million as of the same date.

The company intends to use the net proceeds from the IPO to prepay outstanding debt, redeem preferred shares, and for general corporate purposes. Raymond James, Stifel, and J.P. Morgan are serving as joint lead bookrunners for the offering, with underwriters granted a 30-day option to purchase additional shares.

WhiteHawk is classified as an emerging growth company under the Jumpstart Our Business Startups Act of 2012. The SEC has not yet approved the registration statement, and no pricing terms have been disclosed.