Cobalt Int'l IPO Prices Below Range - TheStreet

HOUSTON (

TheStreet

) --

Cobalt International Energy's

63 million shares were priced at $13.50 a share, below the range of $15 to $17 a share the company expected.

Proceeds from the offering were $850.5 million but could increase to $978.1 million if underwriters exercise an option to buy an additional 9.45 million shares.

Cobalt will begin trading Wednesday on the New York Stock Exchange under symbol "CIE."

Top IPOs of 2009: Five Stocks to Watch

Cobalt said it would use proceeds to funds its capital costs, particularly its drilling and exploration program through 2011.

Cobalt was founded in 2005 by a group of private equity investors and oil executives, including Chairman and CEO Joseph H. Bryant, who has worked at

Unocal

,

BP

and

Amoco

, Cobalt has posted losses since its inception.

-- Reported by Joseph Woelfel in New York.

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