NEW YORK (AP) -- OCI Partners units closed higher Friday after the methanol producer's initial public offering raised $315 million, which was less than the company expected.
The company's IPO of 17.5 million common units priced at $18 each. It expected the IPO to price at $19 to $21 per unit.
OCI Partners LP is based in Nederland, Texas. It runs a methanol and ammonia production facility on the Gulf Coast of Texas. The company plans to use the money to pay down debts and increase production capacity at its facility.
The units trade on the New York Stock Exchange under the ticker symbol "OCIP." The units added 80 cents, or 4.4 percent, to $18.80 in their debut.