Antero Resources rallies on first trading day

|About: Antero Resources Corporation (AR)|By:, SA News Editor

Antero Resources (AR +18.2%) opened for trading at ~$55 and remains sharply higher after pricing its IPO at $44/share, as AR’s size and the efficiency of its wells located in productive areas of the Marcellus and Utica shale plays draw investors to the deal.

AR originally expected to sell 30M shares for $38-$42 each, but agreed to sell 35.7M shares at $44 and cut marketing a day earlier than planned because of strong demand.

The $1.5B deal value, which could rise if underwriters exercise their option to buy more shares, marks the largest U.S.-listed IPO for an oil and gas company since Statoil’s $2.9B debut in June 2001.