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Natural gas producer BKV Corp files for U.S. IPO

Nov 18 (Reuters) - U.S. natural gas producer BKV Corporation filed for an initial public offering in the United States on Friday, amid a backdrop of soaring demand in the energy sector and volatile commodity prices.

Energy companies have been among the big winners this year as the war in Ukraine piles pressure on the commodities supply chain. The S&P 500 Energy Index is up roughly 67% this year, outperforming the benchmark S&P 500 Index.

However, the IPO market in the U.S. has slammed the door on startups this year after a stellar 2021, with companies deferring listings citing turbulent market conditions. Those that have chosen to go ahead with their offerings have received a tepid welcome, piling pressure on IPO-bound firms.

Reuters reported earlier this year that a listing may value BKV at up to $2 billion, including debt. BKV did not reveal the number of shares or the price range for its proposed offering.

For the nine months ended Sept. 30, BKV reported a profit of $1.24 per diluted share, compared to a loss of $3.21 per share a year earlier, a regulatory filing with the U.S. Securities and Exchange Commission showed.

The gas producer plans to float its shares on the New York Stock Exchange and expects to trade under the ticker symbol 'BKV.'

Credit Suisse, BofA Securities, Barclays and Citigroup are among the underwriters of the offering. (Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)

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