Compressco Partners falls in 1st day of trading

AP News
Posted: Jun 15, 2011 11:22 AM
Compressco Partners falls in 1st day of trading

Shares of Compressco Partners LP fell more than 4 percent in their first day of trading on the Nasdaq stock market.

The limited partnership created by the oil and gas contractor Tetra Technologies Inc. raised approximately $54 million before expenses from the IPO. Compressco increased the number of units in the IPO to 2.7 million from 2.5 million.

Shares declined 94 cents, or 4.7 percent, to $19.06 in midday trading Wednesday. The initial public offering of about 2.7 million common units was priced at $20 per unit, the midpoint of its expected range of $19 to $21 per unit.

The offering is expected to close Monday.

Compressco is trading under the "GSJK" ticker symbol.

Tetra Tech is based in Pasadena, Calif.