PBF Energy shares rise in debut
(Reuters) - Shares of PBF Energy Inc (PBF.N) rose as much as 8 percent in their trading debut, after the independent petroleum refiner priced its initial public offering at the mid-point of its projected price range.
PBF Energy, a wholly owned subsidiary of PBF Energy Company LLC, priced its initial offering of 20.5 million shares at $26 each, raising $533 million.
The company has three refineries located in Ohio, Delaware and New Jersey with a combined capacity of 540,000 barrels per day.
PBF Energy plans to use the proceeds from the offering to buy back stake from its existing owners -- private equity firms Blackstone Group (BX.N) and First Reserve Corp. The company does not intend to retain any proceeds from the offering.
PBF Energy was formed in 2008 to pursue acquisitions of crude oil refineries and downstream assets in North America. The company's sole asset is an equity interest in PBF Holding.
Citigroup, Morgan Stanley, Credit Suisse and Deutsche Bank Securities were lead underwriters to the offering.
PBF's share were trading up 5 percent at $27.40 on the New York Stock Exchange on Thursday morning. More than 4.5 million shares had traded by 0955 ET.
(Reporting By Neha Dimri in Bangalore; Editing by Supriya Kurane)
(This story was corrected to change number of shares offered to 20.5 million from 16.5 million and total proceeds to $533 million from $429 million in the second paragraph)