Parsley Energy makes public $400 mln IPO plan

April 11 Fri Apr 11, 2014 6:16pm EDT

April 11 (Reuters) - Parsley Energy Inc made public its plan to raise up to $400 million in an initial public offering of Class A common stock.

The oil and natural gas company filed confidentially with U.S regulators for the proposed IPO in December.

Credit Suisse, Goldman Sachs & Co, J.P. Morgan and Wells Fargo Securities were the lead underwriters, Parsley Energy told the U.S. Securities and Exchange Commission in a preliminary prospectus on Friday. (r.reuters.com/taz48v)

Parsley Energy said it intended to list on the New York Stock Exchange under the symbol "PE."

The company acquires and develops unconventional oil and natural gas reserves in the Permian Basin in West Texas and Southeastern New Mexico.

The filing did not reveal how many shares the company planned to sell or their expected price.

Texas-based Parsley Energy, which is backed by NGP X US Holdings LP and Diamond K Interests LP, said it would use the proceeds from the offering to reduce debt and for general corporate purposes.

The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different. (Reporting by Avik Das in Bangalore; Editing by Simon Jennings)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.