The day did not go as well as imagined for the largest producer of surface mined coal in Ohio. In fact Oxford Resource Partners LP (OXF:US) found its shares slipping on the first day of trading in its $162 Million IPO.
The coal mining company Oxford Resource Partners LP trades on the New York Stock Exchange under the ticker OXF. The stock for the company declined on Wednesday, shares closed at $17.96, down 2.9% from the initial public offering price of $18.50.
Underwriters led by London based Barclays Capital and New York based Citigroup may buy another 1.3 million shares to cover excess demand for the IPO reports Bloomberg.
The analyst at Thornburg Investment Management in Santa Fe, Timothy Cunningham said that since the company is coming out in a mediocre market it could not expect to make a lot of money.
Headquartered in Coshocton, Ohio, Oxford acquires and produces surface coal reserves located in Northern Appalachia and the Illinois Basin.