MPLX IPO Off to a Strong Start

MPLX L.P. (NYSE: MPLX), a subsidiary of Marathon Petroleum Corp. (NYSE: MPC), began trading today. The company had priced its initial public offering of 17,300,000 common units at $22 a piece. Underwriters were granted a 30-day option to purchase from MPLX as much as 2,595,000 additional common units at the IPO price, less underwriting discounts, commission and structuring fees, to cover overallotments, if any.

Upon conclusion of the offering on or about October 31, 2012, the public will own a 22.9% limited partner interest in MPLX, or a 26.4% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.

The joint book-running managers for the offering are UBS Investment Bank, BofA Merrill Lynch, Morgan Stanley, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering. Co-managers for the offering are Barclays, Deutsche Bank Securities and Wells Fargo Securities.

MPLX is headquartered in Findlay, Ohio, and its assets include of a 51% interest in a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States, as well as a 100% interest in a butane storage cavern located in West Virginia.

Units traded as high as $26.13 in early trading today.


Filed under: 24/7 Wall St. Wire, IPOs, Oil & Gas Tagged: MPC, MPLX
Read Full Story

Markets

DJIA 21,394.76 -2.53 -0.01%
NASDAQ 6,265.25 28.56 0.46%
S&P 500 2,438.30 3.80 0.16%
NIKKEI 225 20,132.67 22.16 0.11%
HANG SENG 25,670.05 -4.48 -0.02%
DAX 12,733.41 -60.59 -0.47%
USD (per EUR) 1.12 0.00 0.40%
USD (per CHF) 0.97 0.00 0.01%
JPY (per USD) 111.28 0.02 0.01%
GBP (per USD) 1.27 0.00 0.01%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.