Phillips 66 Partners raises $377.8M in IPO
Phillips 66 Partners raises $377.8 million in bigger-than-expected initial public offering
NEW YORK (AP) -- Phillips 66 Partners LP has raised $377.8 million from its initial public offering of stock, more than the unit of oil refiner and chemicals company Phillips 66 expected.
The limited partnership, which was created by Phillips 66 in March, said Tuesday that the IPO of about 16.4 million shares priced at $23 each. The company had expected to sell 15 million shares for $19 to $21 each, according to an earlier regulatory filing. The banks managing the deal may buy another 2.5 million shares if there's demand for them, adding to the proceeds.
If the banks buy up all that stock, the public will own about 26 percent of Phillips 66 Partners. Phillips 66 will own the rest of it.
Phillips 66 Partners will own, run, develop and acquire pipelines, terminals and other assets. The company plans to use the money from IPO for general business purposes, including potential acquisitions.
The shares are expected to start trading on the New York Stock Exchange Tuesday under the "PSXP" ticker symbol.
