Parsley Energy Gains 17% in Debut on New York Stock ExchangeChris Middlebrooks (Author) Published Date : Jun 17, 2014 09:48 IST
Parsley Energy (PE) shares were higher 17% in its debut on the New York Stock Exchange Friday. The oil and gas company late Thursday priced its initial public offering of 50 million shares at $18.50 and was most recently trading at $21.66, having earlier touched $22.47. The shares sold were comprised of 42.5 million shares from the company and 7.5 million shares from selling shareholders. Parsley Energy said net proceeds of approximately $737.9 million will be used to pay debt, fund the acquisition of acreage in the Midland Basin-Core, and for exploration and development activities.
Parsley Energy Gains 17% in Debut on New York Stock Exchange