Dec 12 Independent petroleum refiner PBF Energy
Inc priced shares in its initial public offering at $26 each,
the mid-point of its expected price range, an underwriter told
The company was planning to sell 16.5 million shares at
between $25 and $27 each.
PBF Energy, a wholly owned subsidiary of PBF Energy Company
LLC, operates three refineries in Ohio, Delaware and New Jersey
with a combined capacity of 540,000 barrels per day.
New Jersey-based PBF Energy intends to use the proceeds from
the offering to buy back the stake held by private equity firms
Blackstone Group and First Reserve Corp.
PBF Energy was formed in 2008 to acquire crude oil
refineries and downstream assets in North America.
Citigroup, Morgan Stanley, Credit Suisse and Deutsche Bank
Securities were the lead underwriters to the offering.
PBF's class A shares are expected to begin trading on the
New York Stock Exchange on Thursday under the ticker symbol