NEW YORK, N.Y. – Shares of RSP Permian are rising in their first day of trading on the New York Stock Exchange.
The independent oil and natural gas company’s stock gained 99 cents, or 5.1 per cent, to $20.49 in Friday morning trading.
The initial public offering of 20 million shares priced at $19.50 per share, within the projected price range of $19 to $21 per share.
The offering raised $390 million.
RSP Permian Inc. is selling about 9.2 million shares, while selling stockholders are selling approximately 10.8 million shares. The Dallas company won’t receive any proceeds from shares sold by the selling stockholders.
The stock is trading under the “RSPP” ticker symbol. The offering is targeted to close on Thursday.