Home Energy Northern Tier, Kayak up after IPOs

Northern Tier, Kayak up after IPOs

Overshadowed by the initial public offering of Kayak Software Corp., Northern Tier Energy L.P. saw its own shares appreciate nearly 8 percent as of Friday morning following its IPO July 26.

Ridgefield-based Northern Tier raised  $228 million, using the proceeds to pay off debt incurred in its December 2011 acquisition of Marathon Oil Corp.’s interests in a Minnesota refinery and related assets.

CEO Mario Rodriguez previously was managing director in the global energy investment banking division of Citigroup Global Markets, and the company’s president Hank Kuchta held the same title at the former Greenwich-based refiner Premcor, which was acquired in 2005 by Valero Energy Corp. for nearly $7 billion.

In the first quarter, Northern Tier reported a $194 million loss on $1 billion in revenue. Northern Tier (NYSE: NTI) shares traded above $15 Friday morning, compared to an IPO price of $14 on July 26.

For its part, Kayak (Nasdaq: KYAK) shares neared $33 Friday morning, up from the $26 at which they were priced for sale in the company’s July 23 IPO. Kayak is currently based in Norwalk and plans to designate Stamford as its new headquarters.


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