MPLX LP, an LP formed by Marathon Petroleum Corporation to own and operate pipelines and other midstream assets, announced terms for its IPO on Thursday. The Findlay, OH-based company plans to raise $300 million by offering 15 million shares at a price range of $19 to $21. At the midpoint of the proposed range, MPLX LP would command a fully diluted market value of $1.5 billion. MPLX LP, which was founded in 2012 and booked $426 million in sales for the 12 months ended June 30, 2012, plans to list on the NYSE under the symbol MPLX. UBS Investment Bank, BofA Merrill Lynch, Morgan Stanley, Citi and J.P. Morgan are the joint bookrunners on the deal.
