BP Midstream Partners LP, an MLP formed by BP to own crude oil and refined products pipelines, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $850 million by offering 42.5 million units at a price range of $19 to $21. At the midpoint of the proposed range, BP Midstream Partners LP would command a market value of $2.1 billion.
BP Midstream Partners LP was founded in 2017 and booked $98 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol BPMP. Citi, Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, J.P. Morgan and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of October 23, 2017.
