The shares of Pioneer Southwest Energy IPO are expected to commence trading on Thursday. The shares have been priced at $19 per share, which is the lower portion of the IPO.
The total size of the Pioneer Southwest Energy IPO comprised of around 8.25 million shares.
The Pioneer Southwest Energy IPO price band was between $19 and $21 per share.
As per the news on Forbes, Pioneer Southwest was formed by Pioneer Natural Resources Co. to own and acquire oil and gas properties in Texas and the southeast region of New Mexico.
Based on the offering price, Pioneer Southwest will receive proceeds of about $156.8 million, before expenses. The company plans to use the proceeds to buy a portion of interests in its operating company from parent Pioneer Natural Resources.
The units being offered to the public represent a 28.7 percent stake in the company, or 31.6 percent if the underwriters exercise their overallotment option in full.
Subsidiaries of Pioneer Natural Resources will own the remaining 71.3 percent of Pioneer Southwest, or 68.4 percent if the underwriters exercise their overallotment option, and serve as its general partner.
Citigroup, Deutsche Bank and UBS acted as the lead managers of the IPO.
Pioneer Southwest has granted the underwriters the option to buy up to 1.2 million additional units to cover any overallotments. The offering is expected to close on or about May 6.
| The units will trade on the New York Stock Exchange under the ticker symbol "PSE." Still few more days to go….Let’s see when this IPO opens up and what price does it lists as. | Table of Contents |
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