Reuters: Private Equity: UPDATE 1-Edgen shares slip in market debut

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UPDATE 1-Edgen shares slip in market debut Apr 27th 2012, 14:04 April 27 | Fri Apr 27, 2012 10:04am EDT April 27 (Reuters) - Shares of Edgen Group Inc opened 6 percent lower than their IPO price in their market debut on the New York Stock Exchange. The company, which supplies specialty products to the energy sector, had priced its initial public offering at $11 per share, below the expected price range of $14 to $16 per share. Edgen Group, controlled by a set of investors including Jefferies Capital Partners, had filed with U.S. regulators last December to raise up to $100 million in an IPO. The Baton Rouge, Louisiana-based company intends to use the proceeds from the offering to buy newly-issued membership units in its subsidiary EDG LLC and to repay debts. Jefferies & Co, Morgan Stanley and Citigroup Global were the joint book-running managers of the offering. Edgen's shares were trading at $10.35 in the morning session on Friday.

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