Plains GP Holdings raises $2.82B in IPO

Shares in Plains GP Holdings (PAGP) are due to debut on the NYSE today after the Houston-based company raised $2.82B in the largest U.S. IPO this year.

Plains GP, which was created to pay dividends on behalf of oil-and-gas Master Limited Partnership (MLP) Plains All American Pipeline (PAA), sold 128M shares at $22 each, the low end of the prospective range of $22-25. There is also a greenshoe option for another 19M shares.

Plains GP intends to use the proceeds from the IPO to acquire a stake in Plains All American from existing shareholders that include Occidental Petroleum (OXY).

Plains GP shareholders will receive quarterly dividends from Plains All American on the condition that the latter meets certain minimum requirements. Plains GP expects an initial payout of 14.9 cents a share.


From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs