Diamondback Energy IPO is complete

MIDLAND, Texas -- Diamondback Energy said Wednesday that completed an initial public offering of 12.5 million shares.

The company, which develops oil and natural gas reserves in Texas, had its first day of trading as a public company on Friday.

It raised $218.8 million in the IPO, which was priced at $17.50 apiece. Diamondback Energy Inc. had projected a price of $17 to $19 per share.

The underwriters have a 30-day option to buy up to an additional 1.9 million shares.

The company anticipates net proceeds of about $204.6 million, after underwriting discounts and estimated expenses. Diamondback has used some of the proceeds to repay debt, and it plans to use the remaining proceeds to settle existing crude oil swaps, fund a portion of exploration and development activities and for general corporate purposes.

The stock is listed on the Nasdaq under the "FANG" ticker symbol. It is down 20 cents to $17.59 in afternoon trading.