Noble Midstream Partners LP, an MLP formed by Noble to own oil and gas gathering assets in Colorado's DJ basin, announced terms for its IPO on Wednesday. If completed, this would make it the year's first energy offering. The company had previously postponed its November 2015 IPO attempt.
The Houston, TX-based company plans to raise $250 million by offering 12.5 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Noble Midstream Partners LP would command a fully diluted market value of $636 million.
Noble Midstream Partners LP was founded in 2015 and booked $136 million in sales for the 12 months ended June 30, 2016. It plans to list on the NYSE under the symbol NBLX. Barclays, Baird, J.P. Morgan, BofA Merrill Lynch, Citi, Deutsche Bank, DNB Markets, Mizuho Securities, Mitsubishi UFJ Securities and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of September 12, 2016.
