Athlon Energy Inc sets IPO price to raise up to $316 million

July 22 Mon Jul 22, 2013 7:44am EDT

July 22 (Reuters) - Athlon Energy Inc, backed by Apollo Global Management LLC, said it expects to sell its shares at between $18 and $20 each in its initial public offering to raise up to $316 million.

The company, which buys and develops oil and liquid-rich natural gas reserves, is selling 15.8 million shares in the offering.

Athlon was founded in 2010 by former employees of Encore Acquisition Co and was acquired by Denbury Resources Inc in 2009 for $3.2 billion. ()

The Fort Worth, Texas-based company hopes to list its shares on the New York Stock Exchange under the symbol "ATHL".

Apollo-backed organic grocer Sprouts Farmers Markets LLC and jewelry and accessories retailer Claire's Inc have also filed for an IPO this year.

Athlon, which reported net income of $53 million on revenue of $157.1 million for 2012, listed Citigroup as the lead underwriter to its offering.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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