News Summary: Hi-Crush shares rise after IPO

AP News
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Posted: Aug 16, 2012 3:32 PM
News Summary: Hi-Crush shares rise after IPO

OPENING DAY HIT: The shares of Hi-Crush Partners LP, ticker symbol HCLP, gained 16 percent in afternoon trading on their first day after an initial public offering.

THE PAYOFF: The offering of 11.25 million shares raised about $191 million based on the opening price of $17 each.

COMPANY SKETCH: Hi-Crush sells sand used in hydraulic fracturing or "fracking" during drilling of oil and gas wells. It had revenue of $20.4 million in 2011 and $34.2 million in the first six months of 2012.