Arc Logistics shares unchanged in debut
Shares of Arc Logistics Partners LP ended their stock market debut Wednesday unchanged after the company raised $114 million in its initial public offering.
Arc Logistics is a limited partnership formed by Lightfoot Capital Partners to own, develop and acquire oil terminals and pipelines. It expects to use the money raised for acquisitions and to pay off debt.
The New York-based company priced its offering of 6 million common units at $19 per unit. That's at the low end of the offer's expected $19 to $21 per unit range.
The stock is listed on New York Stock Exchange under the symbol "ARCX."