NextEra Energy Partners surges in market debut

Associated Press |

NEW YORK (AP) — Shares of NextEra Energy Partners LP are surging in their first day of trading as a public company.

The company priced its initial public offering of approximately 16.3 million common units at $25 per unit, the upper end of the projected range of $23 to $25 per unit.

The stock jumped $7.36, or 29.4 percent, to $32.36 in Friday trading on the New York Stock Exchange.

Based in Juno Beach, Florida, the company raised about $407.5 million in the offering. NextEra Energy Partners, which owns interests in North American wind and solar projects, is a subsidiary of NextEra Energy Inc.



The underwriters have a 30-day option to buy up to an additional 2.4 million units at the IPO price, minus the underwriting discount.

NextEra Energy Partners said that it plans to use part of the offering's net proceeds to buy units of NextEra Energy Operating Partners LP, which holds its project assets. NextEra Energy Operating Partners plans to use the proceeds for general corporate purposes, such as funding future acquisitions. NextEra Energy Partners expects to use the rest of the proceeds to purchase units of NextEra Energy Operating Partners from an affiliate of NextEra Energy.

The stock is trading under the "NEP" ticker symbol.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
VCVOF Vinacapital Vietnam Opportunity Fund Ltd 3.80 -0.04 -0.91 752

Comments

Emerging Growth

GSV Capital Corp

GSV Capital Corp is an externally managed, non-diversified closed-end management investment company. The Company has elected to be treated as a business development company.

Private Markets

Voleo

Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…

California Green Tree Development

California Green Tree Development LLC (CGTD) is a for-profit LLC that plans on using California’s booming market of legal cannabis products for medical purposes. As an unprecedented resource, Cannabis has…