UPDATE 2-SandRidge Mississippian Trust II makes modest market debut
* Units close up 1 pct
* Co had priced IPO at top of range
April 18 (Reuters) - SandRidge Mississippian Trust II , SandRidge Energy's trust unit, saw modest first day gains after pricing its IPO at the top of its expected range.
Units of the trust, which rose as much as 5 percent above their IPO price, lost some of their early gains to close at $21.25 on Wednesday on the New York Stock Exchange.
The trust, which was formed in December 2011 to own royalty interests in oil and natural gas wells, sold 26 million common units at $21 each in the offering.
It will own overriding royalty interests in certain SandRidge's properties in the Mississippian formation in northern Oklahoma and southern Kansas, according to a regulatory filing.
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