Plains All American Pipeline LP (PAA.N) affiliate Plains Gp Holdings LP filed with U.S. regulators to raise up to $1 billion in an initial public offering of Class A shares.
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.
The company, which listed Barclays as the underwriter to the IPO in its filing, did not reveal how many shares it planned to sell or their expected price.
Plains Gp intends to list its Class A shares on the New York Stock Exchange under the symbol "PAGP".
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 Aman Shah and Garima Goel in Bangalore; Editing by Saumyadeb Chakrabarty)