* Sells 15 mln shares vs 12.5 mln planned at top of range
* To trade on NYSE on Thursday under symbol "SDT"
* Raymond James, Morgan Stanley led underwriters
* To own royalty interest in SandRidge Energy oil wells
NEW YORK, April 6 The initial public offering
of SandRidge Energy's (SD.N) royalty trust, SandRidge
Mississippian Trust I, raised $315 million on Wednesday,
selling more common units than planned at the top of the
proposed price range.
The trust sold 15 million units for $21 each. It had
planned to sell 12.5 million units for $19 to $21 each.
The IPO comes at the time when oil prices continue their
steep climb and at the forefront of a string of offerings that
are expected to tap investor interest in energy and natural
resources stocks. [ID:nN05169962]
The trust will own royalty interest in SandRidge's 37 oil
and gas wells operating in Oklahoma and another 123 wells the
company is expected to drill once the offering is complete.
Through the royalty interest, the trust will receive a
portion of what SandRidge makes on the sale of oil extracted
from the wells.
SandRidge Energy will receive the proceeds from the IPO and
plans to use them to repay debt and for general corporate
purposes that may include drilling the new wells.
Turmoil in the Middle East has sent oil prices surging in
the recent weeks. U.S. crude oil futures CLc1 have been
trading above $108 a barrel, the highest in two and a half
Sources have told Reuters that several bigger energy and
commodities companies could float later this year, while many
smaller players all across the board within natural resources,
energy and commodities are also weighing such plans.
SandRidge Mississippian Trust I units are expected to begin
trading on the New York Stock Exchange under the symbol "SDT"
(SDT.N) on Thursday.
Raymond James and Morgan Stanley led underwriters on the
(Reporting by Alina Selyukh, editing by Bernard Orr)