NEW YORK, N.Y. – Shares of Rice Energy are up slightly in their first day of trading while the broader markets decline.
The independent natural gas and oil company’s stock added 6 cents to $21.06 in Friday morning trading.
Rice Energy Inc. says 44 million common shares were sold, above the 40 million shares expected. The initial public offering priced at $21 per share, the top of the projected range of $19 to $21 per share.
Rice Energy is offering 30 million shares, while the selling stockholder — NGP Holdings — is offering 14 million shares. The Canonsburg, Pa., company won’t receive any proceeds from shares sold by NGP Holdings.
Rice plans to use net proceeds of about $594.5 million to repay debt and fund capital expenses.
Shares are trading under the “RICE” symbol.