The First Shale IPO Since 2017 Fails to Impress Wall Street
- Vine Energy raises less than it planned; shares drop in debut
- Backer Blackstone and affiliates step in, buying $60 million
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If the first initial public offering of a U.S. shale driller in four years is any indication, Wall Street is still souring on the U.S. 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. issued stock for a total of $301 million, according to a filing. It had planned to raise as much as $361 million.