EQT Midstream, a limited partnership spun out of EQT Corporation (NYSE: EQT) that operates natural gas transportation and storage systems in the Appalachian Basin, priced its 12.5 million unit IPO at $21, the high end of the $19-$21 range. The $263 million offering is the first US IPO since Facebook FB went public on May 17, 40 days ago, the 8th longest US IPO drought since 2001.
EQT Midstream expects to offer a minimum $0.35/unit quarterly distribution, yielding 6.7% at the IPO price. Citi and Barclays were the lead underwriters on the deal.
