Posted: Jan 15, 2013 2:36 PM
Updated: Jan 16, 2013 4:17 AM
NEW YORK (AP) Austin-based USA Compression Partners LP fell in its market debut on the New York Stock Exchange after raising $198 million in its initial public offering of stock.
USA Compression plans to use the proceeds to repay debt.
The company, which compresses natural gas and serves the energy industry, priced 11 million units at $18 each in the first IPO of 2013. The banks managing the deal may buy another 1.7 million units at the IPO price.
The units fell 40 cents, or 2.2 percent, to close Tuesday at $17.60. They ranged from $17.40 to $17.93 in their debut.