Bryan Sheffield-backed Tamboran's shares fall 6% in lukewarm NYSE debut
Adds detail on company's business in paragraphs 5 to 7
June 27 (Reuters) -Shares of Tamboran Resources TBN.N TBN.AX, a natural gas exploration and production company backed by billionaire Bryan Sheffield, opened 6.3% below the IPO price in their debut on the New York Stock Exchange on Thursday.
The tepid debut comes after the Sydney-based company downsized its IPO, selling less than half the number of shares it had initially marketed, to raise $75 million. It had earlier targeted at least $156 million in proceeds.
Tamboran's shares opened at $22.50 each, compared with the IPO price of $24.
Companies often list in the U.S. to command a more favorable valuation. But public markets have been wary of backing firms with limited financial history and are scrutinizing business models much more closely than they didduring the pandemic-era boom.
Tamboran's largest shareholder is Sheffield Holdings - an affiliate of Bryan Sheffield, the son of Texas oilman Scott Sheffield and founder of shale producer Parsley Energy.
U.S. IPOs from Australian companies have been rare. Since last year, there were only three such offerings that raised $28 million in total, according to data from Dealogic.
Tamboran, which expects no material revenue until at least 2026,focuses on extracting natural gas from the Beetaloo basin in Australia's Northern Territory. Since natural gas releases fewer pollutants, it has been billed as a cleaner alternative to coal and oil.
Some believe it can be a viable stand-in as the world gradually shifts towards renewable energy. Critics, however, have questioned this narrative, arguing that the methane emissions tied to natural gas make it too harmful to be a so-called "transition fuel."
BofA Securities, Citigroup and RBC Capital Markets were the underwriters for Tamboran's IPO.
Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber
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