X-Energy IPO was 15 times available oversubscribed

Investing.com -- X-Energy Inc.'s initial public offering in the United States attracted demand for more than 15 times the available shares following a late increase in the size of the deal, according to a Bloomberg report Friday.

The Amazon.com Inc.-backed nuclear small modular reactor developer's offering drew significant demand from long-only, sector-dedicated and existing investors, the report said.

X-Energy management was heavily involved in allocating the shares, according to the report. One-third of institutional orders received zero shares.

The company priced its 44.3 million share IPO at $23, above the marketed range of $16 to $19 each. XE raised $1.02 billion in the offering.

Shares are expected to trade on the Nasdaq Stock Market under the symbol XE.

JPMorgan Chase & Co., Morgan Stanley, Jefferies Financial Group Inc and Moelis & Co. are among the banks working on the offering.

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