Rice Energy Inc. weathered a stormy day on Wall Street for its stock market debut on Friday, finishing up 4 percent after being priced at the upper end of its range.
The performance was a successful opening for the Cecil-based driller, said Kathleen S. Smith, a principal at Renaissance Capital LLC, an investment advisory firm that specializes in initial public offerings.
“You can't be negative about how Rice traded,” she said. “They managed to pull off the IPO just fine.”
Read more about this story by clicking here.The stock, which underwriters priced at $21, closed up 90 cents at $21.90 per share. It fell below the offering price and traded as high as $22.50 per share on a day of dramatic declines on Wall Street. The Dow Jones industrial average fell 318.24 points, or 2 percent.
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