MW Oil company Infinity Natural Resources debuts IPO amid deregulation push

By Steve Gelsi

Company prices above midrange as the largest of a batch of initial public offerings on Friday

Infinity Natural Resources Inc. priced its initial public offering above the midpoint of its range in a sign of a strong stock-market debut for the oil and gas producer, which operates in Ohio and Pennsylvania.

The IPO comes amid a deregulatory push in the energy sector by President Donald Trump, who repeated the "drill, baby, drill" slogan in his inaugural address.

Earlier this week, Sean Duffy, the newly sworn-in Transportation secretary, ordered a review of fuel-economy standards laid out by the Biden administration.

Infinity Natural Resources $(INR.AU)$ priced 13.25 million shares at $20 for proceeds of $265 million. The IPO priced toward the upper end of its range of $18 to $21 in a sign of healthy demand.

Infinity Natural Resources is the largest of a handful of IPOs on Friday.

Based in Morgantown, W. Va., Infinity Natural Resources specializes in oil and natural-gas production in Pennsylvania's Marcellus Shale as well as the Utica Shale in Ohio and Pennsylvania.

The company reported net income of $54.8 million and revenue of $190 million in the nine months that ended Sept. 30, up from net income of $26.4 million and $90 million in revenue in the year-ago period.

Infinity Natural Resources is backed by principal shareholders Pearl Energy Investments and NGP.

With 13.25 million Class A shares and 45.64 million Class B shares outstanding in the IPO, Infinity Natural Resources has a market cap of $1.18 billion based on the $20-a-share offering price.

Medical-device maker Beta Bionics ups size of IPO in sign of strong demand

Beta Bionics Inc. $(BBNX)$ priced 12 million shares at the top of its increased estimated range of $16 to $17 a share, to raise $207 million in its IPO. The price level is a sign of strong demand for the IPO and an indicator of a gain once it starts trading.

Beta Bionics makes the iLet Bionic Pancreas pump, which the Irvine, Calif., company describes as the first Food and Drug Administration-approved device to use "adaptive closed-loop algorithms" to adjust insulin doses.

The company added 2 million shares to the IPO and boosted the price range from its earlier level of $14 to $16 a share, as interest in the deal increased ahead of its trading debut.

Beta Bionics reported a full-year 2024 net loss of $55.3 million on sales of $65.77 million, compared with a net loss of $44.1 million and revenue of $12 million for full-year 2023.

Two biopharmaceutical companies also priced IPOs for trading on Friday.

Maze Therapeutics Inc. (MAZE) priced 8.75 million shares at $16 a share for proceeds of $140 million. The stock priced at the midpoint of its range of $15 to $17 to raise proceeds to support the company's business developing drugs for renal, cardiovascular and related metabolic diseases, including obesity.

Metsera Inc. (MTSR) priced 15.28 million shares at $18 a share to raise $275 million.

The company, which is developing an obesity drug under the name MET-097i, priced above its estimated range of $15 to $17 but reduced the size of the offering from its earlier level of 17.19 million shares.

-Steve Gelsi

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January 31, 2025 10:20 ET (15:20 GMT)

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