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.
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