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Rice Energy sets IPO price range at $19-$21/share
January 13, 2014 / 3:25 PM / 4 years ago

Rice Energy sets IPO price range at $19-$21/share

Jan 13 (Reuters) - Natural gas exploration and production company Rice Energy Inc said it expects a price of between $19 and $21 per share for its IPO, valuing the company at up to $2.7 billion.

At the higher end of the price range, the company would raise $840 million.

Rice Energy is selling 30 million of the 40 million shares, with selling stockholders offering the rest. ()

NGP Holdings, Rice Energy’s largest shareholder, will see its stake fall to 26.1 percent from 44.4 percent after the IPO.

The family-owned company is focused on Pennsylvania’s Marcellus shale and Ohio’s Utica shale.

The firm was founded by former BlackRock Inc portfolio manager Daniel Rice and his children in 2008. Rice left BlackRock in 2012 in the wake of a potential conflict of interest that involved the energy company.

The company is currently headed by Rice’s son, Daniel J. Rice.

Rice Energy reported revenue of $123.7 million and net loss of $7.8 million for the nine months ended September on a proforma basis.

Barclays is the lead underwriter to the offering.

Rice Energy intends to list its common stock on the New York Stock Exchange under the symbol “RICE”.

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