NEW YORK: If the first initial public offering (IPO) of a US shale driller in four years is any indication, Wall Street is still souring on the US oil and gas patch.
Even a natural gas explorer backed by private-equity giant Blackstone Group Inc couldn’t raise the capital it had expected. Vine Energy Inc sold 21.5 million shares for a total of US$301mil (RM1.23bil), according to a filing with the US Securities and Exchange Commission. It had planned to raise as much as US$361mil.
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