Rice Midstream IPO Falls Short of Goal by Approx. $134M

Earlier in December Rice Energy, a Marcellus and Utica Shale exploration and production company, launched an Initial Public Offering (IPO) for their midstream division–spinning it off into it’s own company (see Rice Energy Launches Midstream IPO – MDN Nails the Price). Rice had hoped to get between $19 and $21 per share. The IPO is now done and dusted–and Rice only got $16.50 per share. So instead of the hoped for $546-$604 million in new cash (call it $575 million), they got $441.6 million. Still very respectable, but certainly short of the mark…

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