Compressco Partners falls in 1st day of trading

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Associated Press

Posted on June 15, 2011 at 11:01 AM

Updated Wednesday, Jun 15 at 11:02 AM

NEW YORK (AP) — Shares of Compressco Partners LP fell more than 4 percent in their first day of trading on the Nasdaq stock market.

The limited partnership created by the oil and gas contractor Tetra Technologies Inc. raised approximately $54 million before expenses from the IPO. Compressco increased the number of units in the IPO to 2.7 million from 2.5 million.

Shares declined 94 cents, or 4.7 percent, to $19.06 in midday trading Wednesday. The initial public offering of about 2.7 million common units was priced at $20 per unit, the midpoint of its expected range of $19 to $21 per unit.

The offering is expected to close Monday.

Compressco is trading under the "GSJK" ticker symbol.

Tetra Tech is based in Pasadena, Calif.

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