Shell Midstream Partners LP IPO-SHLX.N, a master limited partnership formed by Royal Dutch Shell Plc , priced its enlarged initial public offering of 40 million units at $23 per unit, above its expected price range of $19-$21 per unit.The company's IPO raised about $920 million, valuing the company at up to $1.56 billion. It had planned to sell 37.5 million units.Shell Midstream owns stakes in four onshore and offshore pipelines in Texas and Louisiana.This includes a 43 percent stake in a crude oil pipeline connecting Houston to Houma, a 28.6 percent stake in a pipeline to the offshore Mars field in the Gulf of Mexico, and a 49 percent stake in a refined products pipeline linked to four Louisiana refineries.
Shares of RDS-B traded higher by 0.97% or $0.72/share to $74.58. In the past year, the shares have traded as low as $67.57 and as high as $88.13. On average, 747837 shares of RDS-B exchange hands on a given day and today's volume is recorded at 807844.
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