Today, the company EQT Midstream Partners (EQM) has its IPO debut in the market. Its initial price was $21 but it had a gain of 12 percent as it traded at $23.55. By offering 12 million common units, the opening public offering of the company touched $263 million.
On the trade of Wednesday, the EQM gained almost $2.55 more than its offering price in per common unit. With underwriters including Barclays PLC and Citigroup Inc., the company’s original public offering mounted to $263 million by offering common units of 12 million.
According to the IPO Boutique’s analysts, the reason behind EQT Midstream’s drawing interest from investors lied on its annual yield of 7 percent that surpasses its competitors including MarkWest Energy Partners LP and Williams Partners LP.
EQT Midstream Partners LP is a kind of midstream vehicle manufactured by EQT Corp., a natural gas producer company. It is the first company to go public after a month-long IPO draught.