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A pump jack is seen in this file photo.
A pump jack is seen in this file photo.
(© Todd Korol / Reuters/REUTERS)

PrairieSky makes big splash in largest market debut since 2000

PrairieSky Royalty Ltd., the fourth biggest initial public offering in Canadian history, apparently was not big enough for investors, as the stock surged more than 25 per cent at the opening of trading.

Even after an aggressive increase in size and price by parent company Encana Corp., the offering was said to be as much as 15 times oversubscribed (in other words, there were orders for 15 times as much stock as was available). Investors who got the shares at the $28 IPO price were able to sell them for more than $36 in early trading Thursday. The stock closed at $37.