OCI Resources Units Trade Lower After IPO
NEW YORK (AP) â¿¿ OCI Resources declined in Friday trading after the company's initial public offering priced at the low end of its expectations.
OCI is the trona ore mining and soda ash production business of OCI Wyoming. OCI sold 5 million units for $19 each for $95 million in gross proceeds. It had expected the IPO to price between $19 and $21.
The Atlanta company's units fell 61 cents, or 3.2 percent, to $18.39.
Units of OCI Resources LP are now trading on the New York Stock Exchange under the ticker symbol "OCIR." The underwriters of the IPO will have an option to buy 750,000 additional units to cover any over allotments.
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