PrairieSky surges in first trading day for Encana unit

|About: Encana Corporation (ECA)|By:, SA News Editor

Shares in PrairieSky Royalty, the former Encana (ECA +1.3%) unit and Canada's largest IPO in more than a decade, surge 27% to $35.64 early in its first day of trading in Toronto, well above the $28 offer price.

ECA raised C$1.46B from the sale and may receive a total of C$1.67B if the underwriters exercise their option to buy more stock.

ECA continues to hold a 60% stake in PrairieSky.