NEW YORK (AP) — Shares of Southcross Energy climbed 13 percent in midday dealings on its first day of trading.
The initial public offering of 9 million units had been priced at $20 per unit, raising $180 million. The natural gas company had projected a price range of $19 to $21 per unit.
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Southcross Energy Partners LP said that the underwriters have the option to buy up to an additional 1.4 million units.
The Dallas company’s stock gained $2.62, or 13.1 percent, to $22.64 in midday trading Friday after rising as much as 16 percent to $23.20 earlier in the session.
The shares are trading on the New York Stock Exchange under the “SXE” ticker symbol.
The offering is expected to close on Wednesday.
