January 12, 2012 / 11:15 PM / in 6 years

Cinco Resources files for IPO of up to $172.5 million

(Reuters) - Cinco Resources Inc filed with U.S. regulators on Thursday to raise up to $172.5 million in an initial public offering of common stock.

The oil and natural gas exploration and production company told the U.S. Securities and Exchange Commission in a filing that Citigroup Global Markets and Wells Fargo Securities LLC would underwrite the IPO.

The Dallas, Texas-based company intends to use the proceeds from the offering to pare debts, fund its drilling program and for other general corporate purposes.

The company’s actual total long-term debt as of September 30, 2011 was $89.3 million, it said in its filing.

The company intends to list its common stock on the Nasdaq under the symbol “CINC.”

Cinco Resources did not reveal how many shares it planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Reporting by Eileen Anupa Soreng in Bangalore; Editing by Joyjeet Das

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