Oct 15 Plains GP Holdings LP, the general
partner of Plains All American Pipeline LP, priced its
initial public offering at $22 per share to raise $2.82 billion,
making it the largest U.S. IPO this year.
Plains GP priced 128 million Class A shares at the low-end
of its planned $22 to $25 per share price range, which will
value the company at about $13.33 billion.
The offering is the largest IPO on the U.S. markets in 2013,
topping Pfizer Inc's animal health unit Zoetis Inc's
$2.24 billion offering in February.
The newly formed company will own limited partner interests
in Plains AAP, which owns a 2 percent general partner stake in
Plains All American Pipeline LP, a midstream company that
transports, refines and sells liquid gas.
Shares of the Houston-based company, which plans to use the
proceeds from the offering to make distributions to existing
owners, will begin trading on the New York Stock Exchange on
Wednesday under the symbol "PAGP".
The company had filed to raise up to $1 billion in its first
IPO filing in July.
Barclays, Goldman Sachs and JPMorgan were the lead
book-running managers among a syndicate of 34 banks underwriting