June 23--Foresight Energy LP announced Monday it had completed an initial public offering of 17.5 million units that raised $350 million for the St. Louis coal producer.
Its stock on the New York Stock Exchange have mostly traded below its target price of $20, closing at $19.20 per share on Monday. The company expected units to price between $19 and $21 per share.
Common unit holders collectively own a 13.5 percent limited partner stake. Its underwriters have a 30-day option to buy an additional 2.625 million units.
Foresight Energy launched the IPO last week despite challenges to the industry from natural gas and environmental regulators. All of Foresight's coal reserves are in Illinois, where it is betting a shift away from Appalachian coal plus low-cost production and logistics will give it an advantage.
Jacob Barker is a business reporter at the Post-Dispatch. Follow him on Twitter @jacobbarker and the Business section @postdispatchbiz.
(c)2014 the St. Louis Post-Dispatch
Visit the St. Louis Post-Dispatch at www.stltoday.com
Distributed by MCT Information Services