Nearly 18 million common units of Enable Midstream Partners LP changed hands Friday as the Oklahoma City-based firm began trading on the New York Stock Exchange.
Enable rose to $22.20 a unit on the first day of its initial public offering. It began at $20.
Enable is offering 25 million common units representing limited partner interests. Underwriters can buy an additional 3.75 million units.
The units, which trade under the ticker symbol “ENBL,” represent a 6 percent limited partner interest in Enable.
Enable owns, operates and develops natural gas and crude oil infrastructure assets, including more than 21,000 miles of pipelines, 12 major processing plants and eight storage facilities.
Enable was formed last May when OGE Energy Corp.’s Enogex midstream division combined with CenterPoint Energy Inc.’s interstate pipeline assets. It has about 1,900 employees, with offices in Oklahoma City and Houston.
CenterPoint, at 54.7 percent, owns the largest share of Enable units, with OGE holding 26.7 percent. Affiliates of ArcLight Capital Partners own 12.4 percent of the midstream partnership, although that percentage could drop to 11.5 percent if underwriters opt to exercise their purchase option.