Rattler Midstream LP

Rattler Midstream LP (RTLR) priced its initial public offering on May 24, 2019 at $17.50 per share, within its $16.00–$19.00 range, raising $665M, and listed on Nasdaq Global Select. At the IPO price its market capitalization was about $2.65B. Credit Suisse was lead-left underwriter, joined by J.P. Morgan, Barclays and Citigroup and others. Akin advised the company and Latham & Watkins advised the underwriters.

Rattler Midstream LP is a Delaware limited partnership formed by Diamondback to own and develop midstream infrastructure in the Midland and Delaware Basins of the Permian Basin. It provides crude oil, natural gas and water-related services, including fresh water sourcing and saltwater disposal, to Diamondback under long-term fixed-fee contracts.

Status

IPO

Ticker

RTLR

Exchange

Nasdaq Global Select

Priced

May 24, 2019

IPO price

$17.50

Price range

$16.00–$19.00

Raised

$665M

Market cap at IPO price

$2.65B

First filed

Aug 7, 2018

Underwriters

Credit Suisse, J.P. Morgan, Barclays, Citigroup, Goldman Sachs, Wells Fargo, Capital One, UBS, Evercore ISI, Morgan Stanley, RBC Capital Markets and Holt

Company counsel

Akin

Underwriters' counsel

Latham & Watkins

Sector

Energy, mining & utilities

Country / state

TX

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.