Parsley Energy is the latest fracking company to hit IPO jackpot

|About: Parsley Energy, Inc. (PE)|By:, SA News Editor

Parsley Energy (PE) is the latest fracking company to enjoy a big IPO, jumping 19.7% so far in its first day of trading after selling 50M shares at $18.50 each to raise $925M, topping expectations for a 43.9M-share offering fetching $15-$18/share.

PE drills shale formations in the Permian Basin area in Texas, and Permian peers Diamondback Energy (FANG) and Athlon Energy (ATHL) have seen their shares rally 38% and 43% YTD respectively.

Oil and gas drillers already had raised $2.2B in U.S.-listed IPOs this year; Rice Energy (RICE) has rallied 44% since its January IPO and RSP Permian (RSPP) has gained 42% since debuting in the same month, although EP Energy (EPE) is off 1.9% since it went public.