MPLX Limited Partners is a growth-oriented limited partnership formed by Marathon Petroleum Company (MPC). The partnership owns, operates and develops oil, refined products and hydrocarbon based product pipelines. MPLX owns 51.0% in the network of systems, while Marathon Petroleum holds the remainder of the stake in the assets.
MPLX sold 17.3 million shares for $22 a piece. MPLX raised $381 million in gross proceeds in the offering process. Based on the offer price of $22.00, the partnership is valued at $814 million.
The offering is quite a success. The offer price was set above the preliminary $19.00-$21.00 price range set by the firm and its bankers. All shares were sold by the partnership.
In total, 47% of the limited partnership's shares outstanding were offered. At Friday's closing price of $26.80 per share, the firm is valued at $992 million.
The major banks that brought the company public were UBS, Merrill Lynch, Morgan Stanley, J.P. Morgan and Citigroup, among others.