PAA Natural Gas Storage shares jump after expanded IPO prices above range, raises $252 million

PAA Natural Gas Storage shares jump in IPO debut

NEW YORK — Shares of PAA Natural Gas Storage are rising after the company’s expanded initial public offering priced above expectations, raising $252 million.

PAA Natural Gas Storage is the first company to price above expectations since Metals USA Holdings Corp. in April.

The Houston company, a unit of Plains All American Pipeline LP, sold 11.7 common units to initial investors at $21.50 apiece. In a regulatory filing last week, it had said it expected to price 10 million units from $19 to $21 each.

PAA Natural Gas Storage operates the natural gas storage facilities Plains All American Pipeline acquired from Sempra Energy in 2005.

Shares are rising $1.98, or 9.2 percent, to $23.48 on the New York Stock Exchange Friday under the symbol “PNG.”