Memorial Resource prices upsized IPO at $19, above the range
Memorial Resource Development, an oil and gas E&P backed by Natural Gas Partners operating in North Louisiana, raised $813 million by offering 42.8 million shares (50% from insiders) at $19, above the range of $16-$18. The company had originally planned to sell 36 million shares (32% from insiders); the secondary component of the deal was increased by 85% while the primary component was decreased by 12%, resulting in net proceeds to the company remaining close to the amount originally planned. Memorial Resource Development plans to list on the NASDAQ under the symbol MRD. Citi and Barclays acted as joint bookrunning managers for the offering.
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