As big stock sales and IPOs stall, energy investors make hay
With stock market indices falling, interest rates rising and inflation soaring, it has become nearly impossible for companies or investors to sell large chunks of stock or go public at the price that they wish. Unless you’re in energy, where business is booming.
EnerVest Ltd., a Houston-based private equity firm that focuses on energy investments, said it sold 28.4 million shares of Magnolia oil and gas net proceeds of $661 million, including $257 million last month. The timely IPO of a natural gas company excel energy one of the best performing IPOs this year, boosted oil tycoon and founder’s net worth George Kaiser over a billion dollars.