* Citigroup and J.P. Morgan underwriters to IPO
* To list on NYSE under symbol "VTTI"
(Adds listing details, background)
June 19 VTTI Energy Partners LP, an oil and gas
storage and terminal company, filed with U.S. regulators on
Thursday to raise up to $420 million in an initial public
offering of common units.
London-based VTTI listed Citigroup and J.P. Morgan as lead
underwriters to its IPO. (bit.ly/1ypmY4K)
The company owns, develops and acquires refined petroleum
products and related energy infrastructure assets.
VTTI Energy has a 36 percent stake in VTTI Operating, which
owns six terminals, 396 tanks and has about 35.5 million barrels
of refined petroleum and crude oil storage capacity spread
across Europe, the Middle East, Asia and North America.
VTTI Energy is a master limited partnership (MLP) that is 50
percent owned by Switzerland-based oil trader Vitol.
The MLP structure allows companies to raise money in the
stock market while having income taxed only at the unit holder
level, avoiding corporate income taxes.
Shell Midstream Partners LP, a master limited partnership
formed by Royal Dutch Shell Plc, filed for an initial
public offering of up to $750 million on Wednesday.
MLPs that hold midstream assets, such as pipelines and
storage facilities, have found favor with investors since they
distribute most of their earnings to shareholders.
Shares of Viper Energy Partners LP, an affiliate of
oil and gas company Diamondback Energy Inc, rose as
much as 32 percent in their market debut on Wednesday.
VTTI's filing did not reveal how many shares the company
planned to sell or their expected price.
The company intends to list on the New York Stock Exchange
under the symbol "VTTI".
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 Neha Dimri in Bangalore; Editing by Maju Samuel
and Simon Jennings)