Lehigh Gas Partners (LGP) IPO Opens Higher

October 25, 2012 9:50 AM EDT
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The IPO for Lehigh Gas Partners (NYSE: LGP) opened and is trading at $21.50 after pricing 6 million shares at $20, in the middle of the $19-$21 expected range.

Lehigh Gas Partners isa limited partnership formed to engage in the wholesale distribution of motor fuels, consisting of gasoline and diesel fuel, and to own and lease real estate used in the retail distribution of motor fuels. The company's primary business objective is to make quarterly cash distributions to unitholders and, over time, to increase quarterly cash distributions. Initially, the firm intend to make minimum quarterly distributions of $0.4375 per unit per quarter (or $1.75 per unit on an annualized basis).

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