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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  BP    BP.   GB0007980591

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

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10/26/2017 | 01:33am CET

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
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Financials ($)
Sales 2017 238 B
EBIT 2017 11 548 M
Net income 2017 5 628 M
Debt 2017 37 483 M
Yield 2017 5,56%
P/E ratio 2017 24,16
P/E ratio 2018 17,34
EV / Sales 2017 0,75x
EV / Sales 2018 0,70x
Capitalization 140 B
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 7,18 $
Spread / Average Target 1,6%
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NameTitle
Robert W. Dudley Group Chief Executive Officer & Executive Director
Carl-Henric Svanberg Chairman
Brian Gilvary Group Chief Financial Officer & Executive Director
Paul Milton Anderson Independent Non-Executive Director
Ian Edward Lamert Davis Senior Independent Director
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