MW: Natural gas transmission firm Targa jumps in IPO
By Steve Gelsi
NEW YORK (MarketWatch) -- Targa Resources Corp. (TRGP 24.07, +2.07, +9.41%) jumped in its stock market debut on Tuesday. The Houston-based natural gas transmission firm priced 16.4 million shares of common stock at $22 a share, raising $361 million. The stock rose 10% to $24.14 in recent trades. In a sign of strong interest in the deal, the IPO priced above the estimated range of $19-$21 a share. The stock offering was also boosted from its earlier size of 13.8 million shares. Funds managed by private equity firm Warburg Pincus and Bank of America (BAC 11.63, -0.01, -0.10%) are principal shareholders of the firm. Targa Resources holds general partner interest and limited partner interests in Targa Resources Partners (NGLS 31.09, +0.14, +0.45%) .
