News Column

Parsley Energy hopes to raise $790 million in IPO

May 12, 2014

MIDLAND, Texas (AP) Parsley Energy Inc. said Monday that it hopes to raise as much as $790.2 million in an initial public offering.

The oil and gas company said it plans to offer 43.9 million shares priced between $15 per share and $18 per share. The stock is expected to trade on the New York Stock Exchange under the symbol "PE."

It said it will use the cash to pay down debt and fees related to acquisitions. The amount raised could be different when the IPO happens. It did not say when it plans to go public.

The company, which is based in Midland, develops and explores oil and natural gas reserves in West Texas and South East New Mexico.

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Source: Associated Press

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