Fortis Minerals LLC, an EnCap-backed owner of oil and gas mineral royalty interests in the southwestern US, withdrew its plans for an initial public offering on Thursday. It originally filed in September 2019 with an estimated deal size of $400 million.
The Houston, TX-based company was founded in 2016 and booked $138 million in revenue for the 12 months ended June 30, 2019. It had planned to list on the NYSE under the symbol NRI. Credit Suisse, Goldman Sachs, Barclays, Citi, J.P. Morgan, RBC Capital Markets, Scotia Howard Weil, UBS Investment Bank and Wells Fargo Securities were set to be the joint bookrunners on the deal.
