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SOURCE: W&T OFFSHORE'S IPO AFFECTED BY MARKET VOLATILITY
- Article from:
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Hart's Petroleum Finance Week
- Article date:
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February 14, 2005
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Copyright informationCopyright Phillips Business Information, LLC Feb 14, 2005. Provided by ProQuest LLC. (Hide copyright information)
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Market interest in IPO shares of E&P company W&T Offshore Inc., Houston, (NYSE: WTI) was strong at pricing, but energy forecasts since then have affected the stock's price, says a source close to the deal.
The IPO of 12.65 million shares was presold Jan. 27 at $19 per share, which was higher than the expected $16.50 to $18.50 range. A first-day intraday high was $19.80, the low since then has been $17.50 and shares had generally settled at about $18.25. At press time, the pricing had improved to $19.10.
"The book of orders was very large," the source says. "There is just a lot of volatility right now in the energy market." A 30-day overallotment allows for underwriters to ...
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