Two U.S. initial public offerings opened above their IPO prices on Thursday while a third cut its offering and delayed its pricing.
Shares in oil and natural gas exploration company Oasis Petroleum Inc opened 6.1 percent above its IPO price at $14.85 after the company sold 42 million shares and priced at the midpoint of its expected range.
Higher One Holdings Inc , which provides banking services to colleges and college students, opened 12.5 percent above its IPO price at $13.50 in a downsized deal.
It had planned to sell 14.25 million shares for $15 to $17 each, but instead sold 9 million shares for $12 each.
A third U.S. IPO, mobile Internet and data services seller Motricity Inc , cut the value of its IPO and delayed the pricing by a day. It said it now hoped to sell 5.9 million shares instead of 6.75 million shares, which it expects to price between $10 and $11, rather than $14 to $16.
It said it expects to price its IPO on Thursday after the close of markets.
Houston, Texas-based Oasis Petroleum is leasing land in the Williston Basin in Montana and North Dakota. It said in its prospectus that it had an estimated 13.3 million barrels of oil equivalent net proved reserves as of December 31.
Investors include private equity funds affiliated with EnCap. Oasis said it would use proceeds from the offering to repay debt and for exploration and development.
Oasis posted a net loss of $3.23 million on revenue of $20.07 million in the three months that ended March 31.
Higher One's revenue and net income due to common shareholders more than doubled from a year earlier in the quarter that ended March 31, hitting $37.57 million and $1.71 million, respectively.
The company, whose services include financial aid disbursement and tuition payment, said it would use proceeds from the offering to repay debt, for costs associated with its acquisition of CASHNet and for general corporate purposes.
Investors in Higher One include Lightyear Capital, Club Circle Partners, North Hill Ventures and Hanseatic Americas LDC.
Underwriters on the Oasis offering were led by Morgan Stanley and UBS Investment Bank. Underwriters on the Higher One offering were led by Goldman Sachs & Co. JPMorgan and Goldman Sachs & Co are leading the underwriters on the Motricity IPO.
(Reporting by Clare Baldwin in New York, editing by Maureen Bavdek)