NGL Energy Partners (NGL) IPO Trades Flat

The IPO for NGL Energy Partners (NYSE: NGL) is open for trading. Shares are trading at $12.11 after pricing 3,500,000 common units representing limited partner interests at $21.00 per unit, the high end of the expected $19-$21 range.

Wells Fargo Securities and RBC Capital Markets are acting as joint book-running managers for the initial public offering.

NGL was formed to own and operate a vertically-integrated energy business with three operating segments: midstream, wholesale supply and marketing, and retail propane. The common units being offered to the public represent a 24.2% limited partner interest in NGL, or a 27.2% limited partner interest if the underwriters exercise their over-allotment option in full.

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