GILLETTE, Wyo. (
Cloud Peak Energy's
initial public offering of 30.6 million shares was priced at $15 a share, below the expected range of $16 to $18 a share.
Cloud Peak, a subsidiary of
( RTP), raised about $459 million in the IPO. The proceeds will go to Rio Tinto, which will retain a stake of just above 48% in Cloud Peak.
is the third-largest U.S. coal producer, overseeing mines in the coal-rich regions of Montana, Wyoming and Colorado.
Shares of Cloud Peak will begin trading Friday on the
New York Stock Exchange
under symbol "CLD."
-- Reported by Joseph Woelfel in New York
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