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May 26 (Reuters) - WhiteHawk Minerals is targeting a valuation of up to $701.2 million in its U.S. initial public offering, as the natural gas royalty firm looks to tap investor appetite for domestic energy assets.

The Philadelphia, Pennsylvania-based company is seeking up to $187 million by offering roughly 6.9 million shares priced between $25 and $27 apiece, it said on Tuesday.

As crude prices remain elevated amid the Middle East conflict, a slew of energy and energy-adjacent issuers have moved ahead with listing plans to seize the opportunity.

Peer EagleRock EROK.N, a Permian Basin royalty firm, went public earlier this month and has gained 27% as of the last close.

WhiteHawk, whose backers include billionaire Leon Cooperman's Omega Capital Partners, has benefited from rising demand for natural gas to power U.S. electricity generation, underpinned by AI-driven growth.

"We have seen a supportive aftermarket across AI-adjacent energy businesses, where demand has been very strong this year," IPOX Research Associate Lukas Muehlbauer told Reuters, adding the IPO comes at a time when the AI electricity story is resonating strongly with investors.

Founded in 2022, WhiteHawk's royalty interests are concentrated in the Marcellus and Haynesville shales, spanning roughly 3.4 million gross unit acres as of March 31.

Its Appalachian footprint sits close to major data center growth corridors in Virginia, Ohio and Pennsylvania.

Of the offering, funds and accounts managed by cornerstone investors Horizon Kinetics Asset Management and T. Rowe Price Investment Management are set to buy up to $74 million of shares.

Raymond James, Stifel and J.P. Morgan are joint lead bookrunners. WhiteHawk Minerals will list on the NYSE under the symbol "WHK".