Niska Gas Storage Partners has raised $358.75 million in an initial public offering (IPO), Reuters reports. The company sold 17.5 million shares for $20.50 each, after setting a price range of $19-21 in April. Private equity firms Carlyle Group and Riverstone Holdings are the new owners of the company after the deal.
Niska will use the proceeds to repay its revolving credit and for general purposes. Goldman Sachs and Morgan Stanley were the lead underwriters to the IPO. Niska is an independent owner and operator of natural gas storage and assets in North America and owns facilities in Alberta, Canada, northern California and Oklahoma.
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