Hi-Crush makes smashing debut

Hi-Crush: Proppant provider in IPO

AP/Scanpix

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News Wires

 16 August 2012 18:50 GMT

Hi-Crush Partners, which makes proppants used in hydraulic fracturing, rose as much as 7% on its market debut after its units opened at the offer price of $17.

The company priced its IPO of 11.25 million units below its expected price range on Wednesday, Reuters reported.

Several companies, which went public in recent weeks, had to price at the low-end of their expected price ranges to attract investors in a faltering IPO market, following Facebook's disappointing $16 billion stock debut.

Hi-Crush, which caters to oilfield service providers Halliburton and Baker Hughes, processes raw sands used to improve recovery of oil and gas during hydraulic fracturing.

Energy companies have ramped up drilling to meet increasing demand which has caused a shortage of proppants…

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