With stock indexes falling, interest rates rising and inflation running hot, it has become nearly impossible for companies or investors to sell big chunks of stock or go public at the price they want. Unless you’re in energy, where business is booming.
EnerVest Ltd., a Houston-based private-equity firm that focuses on energy investments, said it has sold 28.4 million shares of Magnolia Oil & Gas netting $661 million in proceeds, including $257 million last month. The well-timed initial public offering of natural-gas company Excelerate Energy one of the best-performing IPOs this year, boosted the net worth of oil magnate and founder George Kaiser by more than $1 billion.
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