Insiders Buy OCI Partners Stock on Last Day of IPO
OCI Partners IPO: On Wednesday of this week, two insiders at OCI Partners LP (NYSE:OCIP), L Michael Bennett and Frank Bakker, acquired stock from the firm, starting a position. Bennett purchased 15,000 common units (limited partner interests) at $18 each, and Bakker another 1,000 units, at the same price. These are their total holdings at the company: 15,000 and 1,000 shares, respectively, valued at $291,750 and $19,450, correspondingly.
I should highlight that the firm went public only on June of 2013. Also, the acquisitions occurred on the day that the company’s initial public offering of 17,500,000 common units concluded. The units were sold at an IPO price of $18 per common unit.
The stock rose by 5% on Thursday, following the purchases and conclusion of the IPO. However, today, Friday the 11th, it is down by a couple of cents. Nonetheless, with both Citigroup Inc. (NYSE:C) and Goldman Sachs Group, Inc. (NYSE:GS) having separately issued “buy” recommendations, this sure looks like an attractive investment option.
Public funding should certainly help OCI Partners. Already offering industry leading margins and return on assets, the future looks good for this company, and hedge funds will likely realize this soon enough.
Disclosure: Javier Hasse holds no position in any stocks mentioned