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The Associated Press May 12, 2010, 9:58AM ET

Shares of Niska Gas drop in IPO debut

Shares of Niska Gas Storage Partners LLC are dropping in their trading debut following the company's initial public offering, which raised $358.8 million.

Niska says it priced 17.5 million units at $20.50 apiece. It had expected to sell units priced between $20 and $22.

Underwriters led by Goldman Sachs and Morgan Stanley may buy another 2.6 million units to cover excess demand.

The IPO of the Houston operator of natural gas storage assets is the first in a week, following a string of postponed deals because of extreme stock market volatility.

Shares trading under the symbol "NKA" fell 70 cents, or 3.4 percent, to $19.80 in morning trading on the New York Stock Exchange.

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