Tomorrow's scheduled IPO for Phillips 66 Partners is "multiple times oversubscribed,” IPO...


Tomorrow's scheduled IPO for Phillips 66 Partners is "multiple times oversubscribed,” IPO Boutique says, seeing trading to kick off in the $19-$21 range; the company is selling 15M shares and expects to raise ~$315M. Phillips 66 Partners was formed with pipeline and other logistics and transportation assets of refiner Phillips 66 (PSX).
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Comments (5)
  • wigit5
    , contributor
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    oversubscribed?
    22 Jul 2013, 12:40 PM Reply Like
  • Trader's Profit Compass
    , contributor
    Comments (2071) | Send Message
     
    saying that they could have sold many more times the shares that they had available. To be honest though, i think that's what they usually say to make the IPO seem like it was a great thing. The proof is in the pudding once the issue is out there and traded.
    22 Jul 2013, 01:50 PM Reply Like
  • chopchop0
    , contributor
    Comments (5157) | Send Message
     
    They are probably just hoping for a repeat of PSX's performance post-spinoff from COP.
    22 Jul 2013, 01:54 PM Reply Like
  • jeavant
    , contributor
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    Would that be bad?
    22 Jul 2013, 04:21 PM Reply Like
  • dacollins46
    , contributor
    Comment (1) | Send Message
     
    How much will PSX price drop when the IPO starts trading?
    22 Jul 2013, 11:02 PM Reply Like
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