Dynagas LNG Partners falls in trading debut
Gas shipping company Dynagas falls in trading debut after IPO raises $225 million
Dynagas LNG Partners LP, whose ships transport natural gas, is slipping in its stock market debut Wednesday.
Dynagas, which is based in Greece, and its backers raised $225 million in an initial public offering. In the IPO, 12.5 million common units priced at $18 each.
They are trading on the Nasdaq stock exchange under the ticker symbol "DLNG."
Dynagas says it will use the money it raised to pay debt and potentially to buy more ships.
In morning trading, Dynagas fell 33 cents, or 1.8 percent, to $17.67.
