Marathon Petroleum Corp.’s pipeline unit MPLX LP filed with U.S. regulators to raise up to $365 million in an initial public offering (IPO), Reuters reported.
The limited partnership, recently formed by the refiner to own, operate, develop and acquire pipelines and other midstream assets, plans to list its common units on the New York Stock Exchange under the symbol “MPLX.”
MPLX, based in Findlay, Ohio, plans to contribute about $204 million of the total proceeds to its general partner Pipe Line Holdings, according to its filing with the U.S. Securities and Exchange Commission. It did not reveal the number of shares it plans to sell or their expected price, Reuters reported.
Marathon Petroleum announced in May that it aimed to spin off some of its pipeline assets into a master limited partnership and take it public.
UBS Securities and BofA Merrill Lynch are acting as the representatives of the underwriters and the joint book-running managers for the IPO. The amount of money a company plans to raise in its first IPO filings is used to calculate registration fees, and the final size of the IPO could be different.
