Wild Horse Resource tamed on IPO

摘要

Wildhorse resource development, an E&P backed by PE energy specialist Natural Gas Partners (NGP), priced its 27.5m-share IPO at US$15.00, well off the US$19-$21 target sought by a syndicate of Barclays, Bank of America Merrill Lynch, BMO Capital Markets, Citigroup and Wells Fargo. NGP and management agreed late in the bookbuild process to invest US$150m in the offering. Aftermarket trading on Wednesday reflected a concentrated bookbuild anchored by a single institution and layered with other investors that do not typically play new issues. WildHorse shares closed on debut at US$15.06 on volume of 5.9m shares, which at 27% of the base offering is light by IPO standards.