Inergy IPO raises $35.2M
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July 25, 2001: 6:02 p.m. ET
Propane company sells 1.6 million units at $22 each via A.G. Edwards
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NEW YORK (CNNfn) - Propane company Inergy LP raised Wednesday $35.2 million ahead of its initial public offering.
Inergy sold 1.6 million unit at $22 each, near the top of its $16-to-$22.50 price range, via lead underwriter A.G. Edwards & Sons Inc.
The Inergy offering is a unit-based transaction and not followed by most IPO analysts. The units are to receive cash distributions of 60 cents a quarter, or $2.40 a year.
Kansas City, Mo.-based Inergy has acquired 11 firms since its inception in 1996. The energy firm sells propane to 71,000 customers in Georgia, Illinois, Indiana, Michigan, North Carolina, Ohio and Wisconsin.
Inergy will trade under the Nasdaq symbol "NRGY."
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