Shares of Jagged Peak Energy Inc. fell sharply on their first day of trading Friday, after the Permian Basin crude producer priced its initial public offering below its range. Jagged Peak sold 31.6 million shares at $15 a pop late Thursday to raise $474 million. The expected price range was $16 to $18 a share. Shares are trading on the New York Stock Exchange under the ticker symbol “JAG”. The company is planning to use the proceeds of the IPO to repay debt and fund part of its 2017 capital program. Citigroup, Credit Suisse, J.P. Morgan, Goldman, Sachs & Co., RBC Capital Markets and Wells Fargo Securities were joint book-runners for the deal. Shares were last trading down 6.4% at $14.04.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News