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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP    BP.   GB0007980591

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BP : Midstream Partners' prices IPO at $18 per unit

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10/26/2017 | 01:33am CEST

(Reuters) - BP Midstream Partners' said on Wednesday its initial public offering was priced at $18 (13.59 pounds) per unit, below the expected range of $19 to $21, raising about $765 million.

The unit of British energy company BP Plc (>> BP), which sold 42.5 million units, is scheduled to debut on the New York Stock Exchange under the symbol "BPMP" on Thursday, it said in a statement.

The offering values BP Midstream at about $1.9 billion.

The master limited partnership (MLP) was formed by London-based BP's U.S. pipeline unit to transport crude oil, refined products and diluents to customers under long-term agreements.

An MLP structure is often used by pipeline and other capital-intensive companies to distribute excess cash to investors in the form of tax-deferred dividends.

BP Midstream, which operates in the U.S. Midwest and the Gulf of Mexico, posted net income of $63 million for the six months ended June 30, on a pro forma basis, the company said in a filling.

Citigroup, Goldman Sachs, Morgan Stanley, Barclays are among the top underwriters of the IPO.

(Reporting by Nikhil Subba in Bengaluru; Additional reporting by Parikshit Mishra; Editing by Sriraj Kalluvila and Richard Chang)

By Nikhil Subba

Stocks treated in this article : BP, BP MIDSNPV
Stocks mentioned in the article
ChangeLast1st jan.
BP 0.66% 548.6 Delayed Quote.4.96%
BP MIDSTREAM PARTNERS LP -0.58% 20.66 Delayed Quote.0.44%
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Financials ($)
Sales 2018 303 B
EBIT 2018 20 832 M
Net income 2018 10 508 M
Debt 2018 36 346 M
Yield 2018 5,73%
P/E ratio 2018 12,96
P/E ratio 2019 11,59
EV / Sales 2018 0,58x
EV / Sales 2019 0,55x
Capitalization 139 B
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