Cloud Peak IPO Prices Below Range

Stock quotes in this article: RTP , CLD  

GILLETTE, Wyo. (TheStreet) -- Cloud Peak Energy's initial public offering of 30.6 million shares was priced at $15 a share, below the expected range of $16 to $18 a share.

Cloud Peak, a subsidiary of Rio Tinto(RTP), raised about $459 million in the IPO. The proceeds will go to Rio Tinto, which will retain a stake of just above 48% in Cloud Peak.

Cloud Peak is the third-largest U.S. coal producer, overseeing mines in the coal-rich regions of Montana, Wyoming and Colorado.

Shares of Cloud Peak will begin trading Friday on the New York Stock Exchange under symbol "CLD."

-- Reported by Joseph Woelfel in New York .

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