Noble Midstream Partners LP, an MLP formed by Noble to own pipelines and storage facilities in the DJ basin, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, we estimate that the IPO could raise $400 million or more.
Nine energy MLPs have gone public in the US so far this year, all from the first half of the year. All nine trade below their respective offer prices, and the group averages a return of -20%.
The Houston, TX-based company, which booked $102 million in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol NBLX. Noble Midstream Partners LP filed confidentially on July 24, 2015. Barclays, Baird and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
