Crescent Prices $1B Equity Offering at $12.50, KKR Takes 40M Shares
CRGY sits 65% above its 52-week low of $7.68 on elevated volume (2.5× avg).
Summary
Crescent Energy priced its public offering of 80 million Class A shares at $12.50 each, raising $1.0 billion before discounts. Underwriters exercised their full 12 million share option, increasing the offering to 92 million shares and expected net proceeds to approximately $1,115.9 million. The price is a 7.2% discount to the $13.47 per share referenced in the earlier 424B3 filing and a 1.5% discount to the last close of $12.69. KKR affiliate Independence Energy Aggregator agreed to buy 40 million shares at the offering price, signaling strong sponsor support. Proceeds fund the $4.22 billion Devon Eagle Ford acquisition announced earlier today. The offering is expected to close October 13, 2026.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Underwriters exercised their full 12 million share option, increasing the offering to 92 million shares and expected net proceeds to approximately $1,115.9 million.
At the time of this announcement, CRGY was trading at $12.69 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $7.68 to $15.47. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: BusinessWire.