January 17, 2013 / 3:15 PM / 5 years ago

CVR Refining shares rise in debut

2 Min Read

Jan 17 (Reuters) - Shares of CVR Refining LP, an associate of U.S. oil refiner CVR Energy Inc, opened above their IPO price in market debut, a day after the company priced its offering at the mid-point of its expected price range.

CVR Refining sold 24 million common units in its offering at $25 each, raising $600 million. At the IPO price, the company has a market valuation of about $3.7 billion.

Shares of the company opened at $25.25 and were trading up 2 percent on Thursday morning.

The downstream energy limited partnership owns two of the seven refineries in the Group 3 of the PADD II region of the United States, according to a regulatory filing.

CVR Refining Holdings LLC, a unit of CVR Energy owns about 86 percent of CVR Refining's common units.

Carl Icahn's Icahn Enterprises LP, which controls about 82 percent of CVR Energy's outstanding shares, had indicated it may purchase up to $100 million of the common units in the offering. ()

CVR Refining shares were up 3 percent at $25.78, while CVR Energy shares were down about 2 percent at $51.68 on the New York Stock Exchange on Thursday morning.

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