Summary: EV Energy, a limited partnership with facilities in Ohio, West Virginia and Louisiana whose goal is to develop oil and gas properties had a disappointing first day of trade yesterday. Following an IPO where 3.9 million partnership units were sold at $20 per unit--the middle of the expected range-- EVEP closed down at $19.79 yesterday. As a limited partnership, EVEP does not offer the same rights as corporations, and suffers from the risk of potentially having to reduce dividends, the main source of cash flow to investors.
Related links: Full WSJ article • This Week's IPO Calendar • SEC: EVEP Prospectus
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