Permian Basin E&P Parsley Energy sets terms for $724 million IPO


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Parsley Energy, an oil and gas E&P operating in the Permian Basin of West Texas, announced terms for its IPO on Monday. The Midland, TX-based company plans to raise $724 million by offering 43.9 million shares (17% insider) at a price range of $15 to $18. At the midpoint of the proposed range, it would command a fully diluted market value of $1.8 billion.

Parsley Energy, which was founded in 2008 and booked $185 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol PE. It initially filed confidentially on December 20, 2013. Credit Suisse, Goldman Sachs, J.P. Morgan and Wells Fargo are the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: PE

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