Shares of Oxford Resource Partners dropped in their market debut, after the steam coal producer priced shares of its initial public offering near the bottom of a reduced range, The Associated Press reported.
Oxford Resource Partners, based in Columbus, Ohio, is the first company to go public in the third quarter, raising $161.9 million in its initial public offering late Tuesday.
It had priced 8.8 million shares at $18.50 each. The expected range was $18 to $20 apiece, down from an initial expected pricing range of $19 to $21 each.
On Wednesday, Oxford’s shares fell almost 3 percent to close at $17.96 on the New York Stock Exchange.
The company mines coal in Kentucky and Ohio. The government expects coal consumption to recover slowly after shrinking during the recession.
Go to Article from The Associated Press via The New York Times »