QEP Midstream Partners LP, the operating arm of oil and natural gas exploration company QEP Resources Inc (QEP.N), filed with U.S. regulators to raise up to $400 million in an initial public offering of common stock.
The Denver, Colorado-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Wells Fargo was underwriting the IPO.
QEP Midstream was formed to own, operate, acquire and develop midstream energy assets. Its customers include Anadarko Petroleum Corp (APC.N), EOG Resources Inc (EOG.N) and Questar Corp (STR.N).
Net proceeds from the IPO would be used to pay capital expenditures of QEP Resources and repay outstanding debt, the company said. (link.reuters.com/ryc97t)
The filing did not reveal how many shares the company planned to sell or their expected price.
QEP Midstream, which reported net income of $64.1 million on revenue of $161.4 million, as of December 31, 2012, intends to list its common stock on the New York Stock Exchange under the symbol "QEPM."
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Roshni Menon)