* Niska closes at $19.10, 6.8 pct below IPO price
* Niska sold 17.5 million shares at $20.50 each in IPO
* Shares trading on NYSE under symbol "NKA"
* MIE Holdings IPO postponed on uncertain market
(Updates with closing prices)
By Clare Baldwin
NEW YORK, May 12 Niska Gas Storage Partners LLC
NKA.N fell in its market debut on Wednesday, and Chinese oil
company MIE Holdings Corp (MIE.N) postponed an initial public
offering because of unfavorable market conditions.
"Right now IPOs are not ideal investment opportunities,"
said IPO Boutique Senior Managing Partner Scott Sweet. "People
Last week's unexpected sell-off in U.S. markets caused some
analysts to wonder whether the window for new issues in the
United States could shut.
Niska shares opened at $19.50, or 4.9 percent below their
IPO price, and closed down even further, 6.8 percent below
their IPO price at $19.10 on the New York Stock Exchange.
Niska on Tuesday sold 17.5 million shares at $20.50 each,
raising $358.75 million. It had planned to sell 17.5 million
shares at $20 to $22 each after raising the expected price
range from $19 to $21 in April.
MIE Holdings last week slashed the expected value of its
IPO by 60 percent. The company, which relies heavily on its
relationship with state-owned PetroChina and politically
connected executives, also said in a filing that Chief
Executive Ruilin Zhang and his brother-in-law Jiangwei Zhao,
senior vice president, and a company that the two own, Far East
Energy Ltd, would no longer be selling shares in the IPO.
The northeastern China oil prospector and developer delayed
its IPO pricing after the markets plunged late on Thursday and
finally canceled its pricing plans on Wednesday, citing the
uncertain market, an underwriter said.
Niska, the largest independent owner and operator of
natural gas storage and assets in North America, owns
facilities in Alberta, northern California and Oklahoma,
according to a regulatory filing.
Funds affiliated with private equity firms Carlyle Group
[CYL.UL] and Riverstone Holdings will control Niska's business
operations after the IPO, according to a filing with the U.S.
Securities and Exchange Commission.
Niska said it would use proceeds from the IPO to repay
revolving credit and for general purposes.
Goldman Sachs & Co and Morgan Stanley led 11 underwriters
on the Niska offering. Bank of America Merrill Lynch and
JPMorgan led four underwriters on the MIE Holdings IPO.
(Reporting by Clare Baldwin; Editing by John Wallace, Dave
Zimmerman and Steve Orlofsky)