IPO Withdrawal: Plains GP Holdings (PAA)

Energy

Published: February 11, 2008 11:49 am

Plains GP Holdings, L.P. withdrew its IPO filing this morning, stating that the withdrawal it is “consistent with the public interest and the protection of investors.” Plains originally filed its IPO paperwork on August 31, 2007 and had planned to trade on the New York Stock Exchange.

The limited partnership generates cash through its interests in Plains All American Pipeline, L.P. (NYSE: PAA). PAA, a publicly traded master limited partnership, or MLP, transports, stores, and markets crude oil, refined products, and liquefied natural gas. PAA, with its 50% interest in PAA/Vulcan Gas Storage also develops and operates natural gas facilities.

Despite the tax benefits associated with MLP’s and the advantages of being involved in the energy sector, Plains GP is yet another recent example of a failed IPO. Interestingly enough, Plains All American Pipeline, L.P. (NYSE: PAA) units are actually up almost 1% today.

Rachel Lopez
February 11, 2008

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