Phillips 66 Partners Raises $377.8 Mln. In IPO

(RTTNews) - Energy company Phillips 66 Partners LP (PSXP), has raised about $377.8 million from its initial public offering after pricing the stock above the expected range. Phillips 66 Partners' shares surged over 32 percent in its first day of trading on the New York Stock Exchange.

Phillips 66 Partners LP, a limited partnership formed earlier this year by Phillips 66 (PSX), sold 16.43 million units for $23.00 per unit. The company had filed its IPO to sell 15 million units at a price between $19.00 and $21.00 per unit. The stock is listed on the New York Stock Exchange under the symbol PSXP.

The underwriters of the offering have an option to buy an additional 2.46 million units to cover over-allotments, if any.

If the underwrites exercise their option, the public will own a 26.3 percent interest in Phillips 66 Partners. Phillips 66 will own the remaining stake.

The company plans to use proceeds from the offering for general partnership purposes, including to fund potential future acquisitions.

PSXP is currently trading at $30.02, up $7.02 or 30.52%, on a volume of 14.1 million shares, on the NYSE.