2 IPOs Hit Wall Street Wednesday: Extraction Oil & Gas, Azure Power
It is a contrasting performance of the two companies that made debut on the two stock exchanges on Wednesday. While Azure Power Global Ltd (NYSE: AZRE) traded down below the IPO price, Extraction Oil & Gas, LLC (NASDAQ: XOG) traded well above the IPO price.
Azure Power is a solar power seller in India and offered about 3.41 million shares through the IPO with an initial price range of $21.00–$23.00. However, the company priced at $18.00 a share. Still, the stock opened at $16.12 and traded between $15.20 and $16.39 and found it tough to cross the IPO price.
On the other hand, Extraction Oil & Gas is engaged in acquisition, development and production of oil and natural gas as an independent oil and gas firm. The company offered 33.33 million shares with a price range of $15.00 - $18.00 and finally priced at $19.00 a share. The stock opened at $22.75 and ranged between $21.83 and 22.75.
At Last Check ...
- Extraction Oil & Gas traded at $22.47, up $3.47, or 18.26 percent.
- Azure traded at $15.41, down $2.59, or 14.39 percent.
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