Rice Energy files for $800M IPO in New York
American petroleum company Rice Energy Inc. on Monday filed with US regulators to raise up to $800 million in an initial public offering of its common stock.
According to Reuters, the filing however did not reveal how many shares Rice Energy planned to sell or its expected price. Investment bank Barclays Capital is the lead underwriter for the offering. Rice Energy intends to list on the New York Stock Exchange under the symbol "RICE", based on the filing.
Coal producer Alpha Natural Resources Inc. (ANR) said last week it would sell its 50% interest in its shale joint venture with Rice Energy. ANR would exit its stake for $200 million in shares in the IPO and $100 million in cash, the report said.
Rice Energy is focused on Pennsylvania's Marcellus shale and Ohio's Utica Shale. It was founded by former BlackRock Inc. portfolio manager Daniel Rice and his children in 2008, Reuters wrote.
Rice left BlackRock in the wake of a potential conflict of interest that involved Rice Energy. His son, Daniel Rice IV, is the chief executive of the natural gas exploration and production company, the report said.