DENVER BUSINESS JOURNAL - How did Wall Street react to Extraction Oil & Gas's initial public offering of stock yesterday?
Before the Nasdaq Stock Market opened on Wednesday, where Extraction shares now trade under the symbol "XOG," Extraction priced its IPO offering of its shares at $19, higher than the $15-$18 it originally planned.
At the close of trading Wednesday, Extraction shares closed at $21.85, or 15 percent higher than the $19 opening.
The IPO raised more than $630 million yesterday, and underwriters still can purchase 5 million additional shares.
“This ... marks one of the largest energy IPOs since 2015, and the largest energy IPO in 2016, in terms of proceeds raised and market capitalization," Nasdaq officials said in a statement.
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