Rice Energy Inc. (NYSE: RICE) completed its initial public offering (IPO) of 50 million common shares, at $21 per share, including six million shares pursuant to the partial exercise by underwriters to buy more shares, the company said Jan. 29.

The company sold 30 million shares, and the selling stockholder sold 20 million shares, Rice said.

Net proceeds from the 30 million shares were $594.5 million after underwriters’ discounts and commissions were deducted, along with estimated offering expenses, the company said. The proceeds will repay all outstanding borrowings under the revolving credit facility of the company’s Marcellus joint venture (JV), the company said. This will make a $100 million payment, in partial consideration, of the same JV buy-in, the company added. Additionally, proceeds will partially fund the capex plan, Rice said.

Barclays Plc (NYSE: BCS), Citigroup Inc. (NYSE: C), Goldman, Sachs & Co. (NYSE: GS), Wells Fargo Securities LLC, BMO Capital Markets and RBC Capital Markets acted as joint book-running managers of the offering.

Rice Energy Inc. is a natural gas and oil company acquiring, exploring and developing natural gas and oil properties in the Appalachian Basin.