Oxford Resource Partners LP, the largest producer of surface-mined coal in Ohio, fell in its first day of trading after raising $162 million selling shares near the low end of the range in its initial public offering.
Oxford slipped 2.9 percent to $17.96 in New York Stock Exchange trading. The Columbus, Ohio-based company sold 8.75 million shares at $18.50 each after offering them for $18 to $20, according to Bloomberg data and a filing with the Securities and Exchange Commission. The raw-material producer had cut the price of its offering on July 2 from $19 to $21.
The initial sale was the first after a quarter in which U.S. companies filed for the most IPOs since 2007 even as deals worldwide got canceled at the fastest pace since the collapse of New York-based Lehman Brothers Holdings Inc. Smart Technologies Inc., which makes interactive whiteboards for classrooms, will seek to raise $635 million today, while 3-D film projector maker RealD Inc. will follow tomorrow with a $161 million offering.
“They are coming in at sort of a mediocre market,” said Timothy Cunningham, who helps oversee about $58 billion at Thornburg Investment Management in Santa Fe, New Mexico. “It’s not a market where you can just buy all the IPOs and you’re going to make money.”
Barclays Plc of London and New York-based Citigroup Inc. managed the sale for Oxford. The company will use the proceeds to repay debt, make payouts to limited partners and buy equipment, according to the prospectus.
Smart Technologies, Oasis
Smart Technologies, the Calgary-based company backed by Intel Corp. of Santa Clara, California, is planning to sell 35.3 million shares at $16 to $18 each. That would be the third-biggest IPO in the U.S. this year, Bloomberg data show.
Oasis Petroleum Inc. of Houston raised $676 million in June, while Almelo, Netherlands-based Sensata Technologies Holding NV sold $654 million of shares in March.
Smart Technologies, RealD and 88 other companies filed with the Securities and Exchange Commission last quarter to sell about $23 billion of shares, data compiled by Bloomberg show. The last time more companies announced such plans was in 2007.
RealD, the Beverly Hills, California-based company whose 3-D film projectors and glasses were used to show James Cameron’s “Avatar,” will sell 10.75 million shares for $13 to $15 tomorrow, according to SEC filings and Bloomberg data.
Shares of KKR & Co., the New York-based leveraged-buyout firm founded by Henry Kravis and George Roberts, will start trading on the New York Stock Exchange tomorrow, and KKR Guernsey will end trading in Amsterdam today. KKR said on July 6 that it may sell additional shares following the New York listing “subject to market conditions.”