|
Duke withdraws IPO
|
 |
November 15, 2000: 7:05 p.m. ET
Duke Energy Field Resources nixes plans for $550 million IPO
|
NEW YORK (CNNfn) - The initial public offering for the nation's largest producer of natural gas liquids ran out of steam Wednesday as Duke Energy Field Services withdrew its $552 million offering because of market conditions.
Duke Energy Field Services, a subsidiary of Duke Energy Corp. (DUK: Research, Estimates), postponed its IPO in May until market conditions became more favorable, but that day never came.
The Denver-based company said in a filing with the federal Securities and Exchange Commission that it is withdrawing because of "unfavorable market conditions that would adversely the offering" – the standard reason for IPO withdrawals.
Duke Energy Field Services planned to sell 26.3 million shares between $20 and $22 per share.
Duke Energy owns 69.7 percent of the company and Phillips Petroleum (P: Research, Estimates) owns the rest.
Find CNNfn.com's withdrawn IPOs page here
At a time when alternative energy plays are hogging the IPO spotlight, traditional energy companies have had difficulty pumping out any sort of gain in their stock price.
China Petroleum and Chemical Corp. (SNP: Research, Estimates), which raised more than $3.4 billion with its IPO of American depositary receipts, rose a mere 10 cents to $20.75 on its first day, Oct. 18. The stock is now at $20.38.
Oil exploration company Westport Resources Corp. (WRC: Research, Estimates) saw a first-day gain of $2.12 to $17.12 earlier this month, but is now down from that at $16.44.
And in September, drilling company Chiles Offshore LLC (COD: Research, Estimates) rose just 11 percent on its debut and is now $2.19 below its offer price at $16.81.
Morgan Stanley Dean Witter and Merrill Lynch were co-lead underwriters for the IPO.
GPS firm's pricing heads south
Garmin Ltd., which produces navigation, communication and information equipment using the Global Positioning System, dropped its expected IPO price range $3 on Wednesday, shaving about $30 million off its offering.
Cayman Islands-based Garmin, which filed for its IPO in September, has yet to set a pricing date.
The company is profitable, earning more than $64 million in 1999 with more than $232 million in revenues.
Garmin will trade on the Nasdaq as "GRMN" led by Merrill Lynch and Credit Suisse First Boston. 
|
|
|
|
|
 |
|
