Viper Energy, the newest twist in shale bets, opens well above IPO price


Viper Energy Partners (VNOM) opened for trading this morning at $31/share after selling 5M shares at $26 each in a well-received IPO of the Diamondback Energy (FANG +0.8%) spinoff and easily exceeding the $19-$21 price range it had forecast earlier.

Even in the wild west of energy deals, Viper is unusual: Its business consists of simply collecting royalty payments tied to mineral rights it owns, and is the first U.S.-listed company dedicated to acquiring mineral rights tied to shale energy production.

The deal also looks to be a boon to FANG, which will retain a ~93% stake in VNOM; shares hit a new 52-week high yesterday.

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