The pricing was about 25% below the mid-point of the expected range of $19 to $21 per common unit, reflecting the low appetite for coal company shares.
The new company will sell 8 million units, and the common units will begin trading on an unspecified date on the New York Stock Exchange under the ticker symbol CNXC.
Greenlight Capital has agreed separately to purchase between 2 million and 5 million common units at $15 per unit.
Consol Energy’s IPO of its CNX Coal Resources spin-off was launched on June 16 on the New York Stock Exchange, to manage and further develop Consol’s active thermal coal operations in Pennsylvania.
CNX’s initial assets include a 20% undivided interest in, and operational control over, Consol's Pennsylvania mining complex, which consists of three underground mines and related infrastructure that produce high-Btu (British thermal units) bituminous thermal coal that is sold primarily to electric utilities in the eastern US, its core market.
“We believe that our ability to efficiently produce and deliver large volumes of high-quality coal at competitive prices, the strategic location of our mines, the industry experience of our management team and our relationship with Consol Energy position us as a leading producer of high-Btu thermal coal in the Northern Appalachian Basin and the eastern US,” CNX said in its prospectus.
The Pennsylvania mining complex, which includes the Bailey mine, the Enlow Fork mine and the newly opened Harvey mine, has extensive high-quality coal reserves, which the company mines from the Pittsburgh No 8 coal seam – a large contiguous formation of uniform, high-Btu thermal coal that is ideal for high productivity, low-cost longwall operations.