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