BP Midstream Partners LP (BPMP) plans to raise $850 million in an initial public offering (IPO) on Thursday, October 26th, IPO Scoop reports. The company will be issuing 42,500,000 shares at $19.00-$21.00 per share.
In the last year, BP Midstream Partners LP generated $98.3 million in revenue and $42.6 million in net income. BP Midstream Partners LP has a market cap of $1 billion.
Citigroup, Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, J.P. Morgan and UBS Investment Bank served as the underwriters for the IPO and BofA Merrill Lynch, Deutsche Bank Securities, Mizuho Securities, MUFG, BNP PARIBAS, Credit Agricole CIB and SOCIETE GENERALE were co-managers.
BP Midstream Partners LP provided the following description of their company for its IPO: “We are a fee-based, growth-oriented master limited partnership recently formed by BP Pipelines, an indirect wholly owned subsidiary of BP, to own, operate, develop and acquire pipelines and other midstream assets. Our initial assets consist of interests in entities that own crude oil, natural gas, refined products and diluent pipelines serving as key infrastructure for BP and other customers to transport onshore crude oil production to BP’s Whiting Refinery and offshore crude oil and natural gas production to key refining markets and trading and distribution hubs. Certain of our assets deliver refined products and diluent from the Whiting Refinery and other U.S. supply hubs to major demand centers. “.
BP Midstream Partners LP was founded in 2017 and has 0 employees. The company is located at 501 Westlake Park Boulevard, Houston, TX 77079, US and can be reached via phone at (281) 366-2000 or on the web at http://www.bpmidstreampartners.com.
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