New Fortress Energy, the first IPO of the year, got off to a rough start on Thursday and closed at $13.07 a share, after going public at $14, $1 below its proposed price of $15.
The Fortress-backed owner of LNG liquefaction and regasification facilities raised $280 million at a market cap of $2.3 billion, according to Renaissance Capital, with executives and directors buying 25% of the IPO.
On Wednesday, the company announced the pricing of its initial public offering of 20 million Class A shares representing limited liability company interests in New Fortress at $14 a share.
The IPO market was halted during the recent government shutdown because regulators were not available to process filings.
Wes Edens, the New York-based company's CEO and founder, rang the Nasdaq Market Site bell in Times Square to mark the IPO.
"We founded New Fortress Energy to meet the growing demand for affordable, clean and reliable energy around the world," Edens said in a statement. "Today's listing on Nasdaq will support the growth of our fully integrated LNG infrastructure and logistics network."
New Fortress granted the underwriters a 30-day option to purchase up to an additional 3 million Class A shares at the IPO price, less underwriting discounts and commissions.
The offering is expected to close on Feb. 4, subject to customary closing conditions. New Fortress said it expects to receive about $257.6 million of proceeds from the offering, or $297.2 million if the underwriters exercise their option to purchase additional Class A shares in full, in each case net of underwriting discounts and offering expenses.
Morgan Stanley, Barclays, Citigroup and Credit Suisse acted as lead book-running managers for the offering. Additional book-running managers are Evercore ISI and Allen & Company LLC. Co-managers are JMP Securities and Stifel.
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