Diamondback Energy Inc. announced the pricing of its initial public offering of 12.5 million shares of common stock at a public offering price of $17.50 per share. The common stock will commence trading on the Nasdaq global select market on under the ticker symbol "FANG."

Net proceeds to Diamondback Energy from the sale of the shares of its common stock are estimated to be approximately $204.6 million. Diamondback Energy intends to use the net proceeds from this offering to repay the outstanding borrowings under its revolving credit facility, repay the ...