Phillips 66 Partners LP, a Phillips 66-backed limited partnership that owns pipeline and logistics assets, announced terms for its IPO on Monday. The Houston, TX-based company plans to raise $300 million by offering 15 million units at a price range of $19 to $21. At the midpoint of the proposed range, Phillips 66 Partners LP would command a market value of $1.4 billion.
Phillips 66 Partners LP, which was founded in 2012 and booked $118 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol PSXP. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal.
