MPLX IPO Off to a Strong Start

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By Trey Thoelcke Published
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MPLX L.P. (NYSE: MPLX), a subsidiary of Marathon Petroleum Corp. (NYSE: MPC), began trading today. The company had priced its initial public offering of 17,300,000 common units at $22 a piece. Underwriters were granted a 30-day option to purchase from MPLX as much as 2,595,000 additional common units at the IPO price, less underwriting discounts, commission and structuring fees, to cover overallotments, if any.

Upon conclusion of the offering on or about October 31, 2012, the public will own a 22.9% limited partner interest in MPLX, or a 26.4% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.

The joint book-running managers for the offering are UBS Investment Bank, BofA Merrill Lynch, Morgan Stanley, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering. Co-managers for the offering are Barclays, Deutsche Bank Securities and Wells Fargo Securities.

MPLX is headquartered in Findlay, Ohio, and its assets include of a 51% interest in a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States, as well as a 100% interest in a butane storage cavern located in West Virginia.

Units traded as high as $26.13 in early trading today.

Photo of Trey Thoelcke
About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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