Athlon Energy shares soar in IPO

AP News
Posted: Aug 02, 2013 4:24 PM

Athlon Energy Inc.'s shares jumped in its trading debut Friday as a public company.

The Fort Worth, Texas-based oil and natural gas company raised $315.8 million in its initial public offering of stock. The 15.8 million shares priced at $20 each, the high end of the expected $18 to $20 range. The banks managing the IPO may buy another 2.4 million shares if there's demand for them, adding to proceeds.

The company said it plans to use the money from the offering to repay debt, provide cash for use in its drilling program and for general corporate purposes.

The stock trades on the New York Stock Exchange under the ticker symbol "ATHL." It closed up 38 percent Friday at $27.56.