* IPO of 24 million shares priced at $13 apiece
* Trading should start on Friday
April 19 (Reuters) – Midstates Petroleum Company Inc priced
its initial public offering of 24 million shares at $13 apiece,
significantly below its intended price range, according to a
market source.
The independent exploration and production company was
expecting its IPO to be priced at between $16 and $18 per share.
Houston, Texas-based Midstates Petroleum offered 18 million
shares, while the selling stockholders sold the remaining 6
million shares.
The company, backed by energy focused private investment
firm First Reserve, will have a market valuation of about $853.2
million at the IPO price.
Midstates plans to use the money to redeem previously issued
preferred units, repay debt and fund its exploration and
development program.
The company’s shares are expected to begin trading on Friday
on the New York Stock Exchange under the symbol “MPO”.
Goldman Sachs, Morgan Stanley and Wells Fargo acted as the
lead underwriters for the offering.
