Rice Energy up slightly in NYSE debut
Notice: Undefined variable: article_ad_placement3 in /usr/web/cs-washington.ogdennews.com/wp-content/themes/News_Core_2023_WashCluster/single.php on line 128
NEW YORK – Shares of Southpointe-based Rice Energy closed up in their first day of trading Friday while the broader markets declined.
The independent natural gas and oil company’s stock added $1.23 to close at $22.23.
Rice Energy Inc. said 44 million common shares were sold, above the 40 million shares expected. The initial public offering priced at $21 per share, the top of the projected range of $19 to $21 per share.
Rice Energy offered 30 million shares, while the selling stockholder – NGP Holdings – offered 14 million shares. The company won’t receive any proceeds from shares sold by NGP Holdings.
Rice plans to use net proceeds of about $594.5 million to repay debt and fund capital expenses.
Shares trades on the New York Stock Exchange under the “RICE” symbol.