Mid-Con Energy Partners (MCEP) priced 5.4 million shares at $18 each, below the deal’s estimated price range of $19 to $21 a share, for IPO proceeds of $97 million. The stock ended with a slight gain at $18.05 a share, after falling below its IPO price during the session.
- Raising cash to fund oil and gas production in U.S. shale plays, a focus of intense investment interest for the energy sector and Wall Street alike.
Mid-Con Energy centers on energy properties in Colorado, Kansas
Mid-Con Energy is a Delaware limited partnership formed last July to own, operate, acquire and develop producing oil and gas properties in North America, with a focus on areas of Colorado, Kansas, Oklahoma and Texas.
Private investment firm Yorktown Partners owns a stake in the partnership, which reported adjusted income of $19.7 million and revenue of $35 million in the nine months ended Sept. 30, compared to net income of $3.7 million and revenue of $17 million in the year-earlier period.
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