BP Midstream Partners LP, an MLP formed by BP to own crude oil and refined products pipelines, filed on Monday with the SEC to raise $100 million in an initial public offering; we estimate the deal could raise at least $500 million.
Parent BP (NYSE: BP) owns 100% of the company.
The Houston, TX-based company was founded in 2017 and booked $98 million in revenue for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol BPMP. BP Midstream Partners LP filed confidentially on June 16, 2017. Citi, Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, J.P. Morgan and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
