OCI Partners slips as IPO prices below estimates

AP News
Posted: Oct 04, 2013 11:40 AM

NEW YORK (AP) — OCI Partners units are down slightly Friday after the methanol producer's initial public offering priced at $315 million, which was less than the company expected.

The company's IPO of 17.5 million common units priced at $18 per unit. It expected the IPO to price at $19 to $21 per unit.

The units declined 11 cents to $17.89 in morning trading. They are now trading on the New York Stock Exchange under the ticker symbol "OCIP."

OCI Partners LP is based in Nederland, Texas. It runs a methanol and ammonia production facility on the Gulf Coast in Texas.

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OCI Partners plans to use the money to pay down debts and increase production capacity at its facility.