NEW YORK (TheStreet) -- Shares of Fairmount Santrol  (FMSA) rose slightly in morning trading Friday, the company's first day of trading after it priced its IPO.

The second-largest U.S. provider of frac sand for oil and gas drilling priced its downsized initial public offering of 25 million shares, all from selling shareholders, at $16 a share, less than the expected range of $21 to $24. Fairmount originally planned to offer 44.5 million shares.

The company raised $400 million in the offering, which it expects to close on or around October 8. This figure was approximately 60% less than the $1 billion expected at the midpoint of the previously anticipated range.

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The offering contains a 30-day option for underwriters to purchase up to an additional 3.75 million shares.

The stock opened at $16.55 and hit an intraday high of $16.98 as of 11:11 a.m., by which point more than 9.8 million shares had changed hands.

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FMSA Price

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