Donna Hayes is a Director of the Global Corporate Client Group for NYSE Euronext (NYSE: NYX). In this role, she is responsible for listing/issuer...
Midstates Petroleum Company, Inc. debuted on the NYSE on Friday, April 20. The management team was in-house to view their opening trade. They were mixed in with the crowd of floor brokers who were waiting to execute on their customers’ orders for the stock. After pricing the night prior at $13, the stock opened at 9:44am at $13.25 on over 945,000 shares.
CEO John Crum spoke to David Faber of CNBC just after the stock opened. He said “we are excited about going public. We have been growing at 100% per year for four years now. We see no reason to have to slow that growth.” In another interview with Bloomberg TV reporter Margaret Brennan, he said that “we are an early mover in a new trend……there are pretty sophisticated investors out there, so they want to understand the geology and how we intend to grow.” During these interviews, the stock continued to drift over the $14 mark and kept going until the Closing Bell where it ended up at $15.
Midstates Petroleum celebrated their IPO at the NYSE with colleagues and family. Robert McDaniel, 91 year old co-founder of the Company rang the Closing Bell, and his son, who is also Co-founder and Chairman Steve McDaniel banged the gavel to help close the market.
Founded in 1993, Houston-based Midstates Petroleum operates in the onshore Gulf Coast area of central Louisiana. They use modern drilling technology to revitalize oilfields that were not fully developed in the 1940’s and 50’s. Their 2011 production was 59% oil and 11% natural gas liquids. They expect 50% growth in terms of production year-over-year. They also expect to grow their employee base by 40% in 2012.