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UPDATE 1-Parsley Energy shares rise about 22 pct in debut

* Valued at about $2.51 bln at a high of $22.47

* Offering raises about $925 mln

(Adds details)

May 23 (Reuters) - Parsley Energy Inc's shares rose as much as 21.5 percent in their U.S. market debut, valuing the oil and natural gas producer at about $2.51 billion.

The company's initial public offering raised $925 million after its upsized offering of 50 million Class A shares was priced $18.50 per share, slightly above the top end of its expected price range of $15-$18.

Parsley sold 42.4 million shares in the IPO, with selling stockholders offering the rest.

The company's shares opened at $22.30 on the New York Stock Exchange on Friday and touched a high of $22.47. The stock was the top percentage gainer and the most traded stock on the exchange.

Parsley acquires and develops unconventional oil and natural gas reserves in the Permian Basin in West Texas and Southeastern New Mexico.

The Permian Basin is known for high oil and natural gas content, long-lasting reserves and high success rates of drilling.

Parsley, formed in December 2013, reported a net income of $833,000 attributable to stockholders and revenue of $63.1 million for the quarter ended March 31.

The Midland, Texas-based company, which is backed by NGP X US Holdings LP and Diamond K Interests LP, said it would use the proceeds from the offering to reduce debt and for general corporate purposes.

Credit Suisse, Goldman Sachs & Co, J.P. Morgan and Wells Fargo Securities were the lead underwriters of the offering.

Parsley shares were up 19.5 percent at $22.11 in morning trading.

(Reporting by Amrutha Gayathri and Avik Das in Bangalore; Editing by Kirti Pandey)