Energy IPOs

Written By Brianna Panzica

Posted November 14, 2011

Several energy companies have filed for IPO or opened on the market in the past two weeks.

Opening just recently on the New York Stock Exchange was LRR Energy, an oil and gas exploration company.

LRR Energy had filed for IPO on November 7, setting share estimate at $19-$21.

Last Friday, November 11, it opened under the symbol “LRE,” selling 9.4 million shares for $19 per share and closing at $19.05, reports Houston Business Journal.

The company hit its peak in 2008, when commodity derivatives hit $118 million.  Revenue has gone down since then, but natural gas sales picked up this year.

On Monday shares were down 0.26% to $19.

Last Thursday, Smith Electric Vehicles filed for IPO.

The company plans to trade on the Nasdaq and aims to raise $125 million for IPO.

The electric car company specializes in Newman trucks, and it targets commercial companies to help create electric vehicle fleets, reports Greentech Media, servicing customers that include FedEx (NYSE: FDX) and Coca-Cola (NYSE: KO).

Major losses have cropped up for the company lately, including a loss of $30.3 million from $35.6 million in revenue just last year.

Proceeds from the IPO will in part be used to reduce some of the company’s debt.

On Friday the 11th, Chesapeake Granite Wash Trust also opened on the market.

The company priced its 26.9 million units between $19 and $21, and it opened under the symbol CHKR on the New York Stock Exchange at $19.

The trust is a subsidiary of parent company Chesapeake Energy (NYSE: CHK), and as Seeking Alpha reports, proceeds from the IPO will go to Chesapeake.

Chesapeake Granite Wash Trust was up 0.37% on Monday to $18.94.

On Monday, PBF Energy, a New Jersey-based petroleum refiner, also filed for IPO.

The company plans to raise $100 million for its initial public offering, proceeds that will go to retrieving its own equities.

Blackstone Group and First Reserve Corp are two main owners of PBF Energy, reports Reuters.

The company plans to list on the New York Stock Exchange under the symbol “PBF.”

That’s all for now,


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