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First Reserve-backed Midstates Petroleum raises $312m through IPO

23 Apr 2012

First Reserve, the energy-focused private equity firm, has raised just $312m from exploration and production company Midstates Petroleum’s debut on the New York Stock Exchange.

The firm priced 24 million shares at $13 each, below its expected $16 to $18 price range. A total of 18 million shares were sold by the company itself, while six million were sold by its shareholders.

The company, which uses modern drilling techniques to tap existing oil and gas fields, first filed plans late last year to raise up to $400m to help pay down debt and finance its exploration-and-development programme. Revenues more than tripled last year to $209.4m.

News reports over the weekend confirmed that First Reserve is also attempting to sell its UK portfolio company Acteon for £1bn.

Detailed information about the oil services company has been sent to potential buyers by First Reserve, which hopes to make ten times the company’s $100m earnings before interest, taxes, depreciation and amortisation with the sale.

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