Seeking Alpha

PrairieSky surges in first trading day for Encana unit

  • 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.
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