The initial public offering (IPO) of Antero Resources Corp. (AR) got a lot of attention in June when the firm’s controlling owner, private equity firm Warburg Pincus LLC, filed for an IPO of up to $1 billion. In the event, Warburg Pincus and Antero got an even better deal.
Shares went off at $44 Thursday morning, above the anticipated range of $38 to $42 a share and the number of shares offered also rose, from 30 million to 35.73 million. Antero raised approximately $1.57 billion at its IPO and plans to use the net proceeds to pay down debt and fund future exploration and development.
ALSO READ: States with the Most Gun Violence
The company operates in the Utica and Marcellus shale plays in Ohio, Pennsylvania, and West Virginia. In its initial filing, the company said its net daily production in the first quarter of 2013 averaged 383 million cubic feet of natural gas equivalent a day, including 2,392 barrels of NGLs and oil. Antero estimated that average net daily production for the month of May 2013 would reach 461 million cubic feet equivalent a day, including 4,114 barrels of NGLs and oil.
Antero’s shares are trading at $52.24 in the early afternoon Thursday, up 18.7%. More than 23 million shares have been traded so far on the company’s first day as a public firm.
ALSO READ: America's Richest (and Poorest) States
- 10 States With The Worst Health Coverage
- Ten Brands That Will Disappear in 2014
- The 10 Worst States for Women
- Warburg Pincus