USA Compression Partners falls in market debut

AP News
Posted: Jan 15, 2013 4:36 PM

NEW YORK (AP) — 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.

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 Austin, Texas, company plans to use proceeds to repay debt.

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 at $17.60. They ranged from $17.40 to $17.93 in their Tuesday debut.