Hoegh MLP in strong start

Hoegh LNG Partners enjoyed a dream debut on the New York Stock Exchange with its shares climbing by more than a tenth on the first day of trading.

The MLP yesterday issued 9.6 million share at $20.00 apiece, the mid-point of the range, in an issue that is worth an initial $192m.

Hoegh Partners opened at $22 per share and climbed to $22.25 by the close of trading.

This marked an 11.25% climb for the $585m company.

“Although HMLP has a short backlog, we find that there is still upside to the stock and hence also for Hoegh LNG,” said Erik Nikolai Stavseth of Arctic Securities in a report.

Hoegh Partners, which has an initial fleet of three vessels, could see its IPO climb to $220.4m should underwriters take up options available to them.