Shares of USA Compression Partners fall in debut
(Reuters) - Shares of USA Compression Partners LP (USAC.N) fell as much as 3 percent in their trading debut after the natural gas compression service provider raised the size of its offering and priced the shares below its projected range.
The Texas-based company had priced its initial offering of 11 million shares at $18 each, raising $198 million.
USA Compression Partners LP was acquired by USA Compression Holdings in December 2010. USA Compression Holdings is in turn owned by Riverstone/Carlyle Global Energy and Power funds.
After the completion of the IPO, USA Compression Holdings will own 64.4 percent of the company.
Barclays Capital and Goldman Sachs were lead underwriters to the offering.
The energy services provider, present in 13 states in Central and Northeast United States, plans to use the proceeds to repay debt and for the purchase and maintenance of compression units.
USA Compression Partner's share were down 2 percent at $17.57 on the New York Stock Exchange on Tuesday morning.
(Reporting By Neha Dimri in Bangalore)