Shell Midstream Partners L.P. (NYSE: SHLX) had its initial public offering (IPO) Wednesday morning. The company is a master limited partnership (MLP) formed by an affiliate of Royal Dutch Shell PLC (NYSE: RDS-A) to own and operate crude oil and refined product pipelines in the Gulf Coast region of the United States.

The joint bookrunners for the offering are Barclays, Citigroup, Morgan Stanley and UBS Investment Bank. Co-managers are Credit Suisse, Goldman Sachs, J.P. Morgan, Wells Fargo Securities, RBC Capital Markets and Credit Agricole CIB.

The units were priced at $23, originally thought to be within the projected price range of $19 to $21. Shares entered the market at $32.00, 39% up from the pricing. There were 37.5 million units in the offering, with the potential to add another 2.5 million.

The originally projected price range expected to raise $750 million at a market value of around $1.35 billion. However, the pricing at $23 gave Shell the potential to raise up to $920 million. The Wall Street Journal reported that this is set to be the largest MLP IPO in over a decade.

The IPO exchange traded fund (ETF) manager Renaissance Capital reports that 231 IPOs have priced in the United States so far this year, up about 34% from a year ago. Total proceeds raised come to $73.6 billion, up about 79% from 2013. To date in the month of October, IPO proceeds total $4.6 billion. Last week’s IPOs added $300 million to the October total. The 2013 IPO total came in at $54.9 billion, the highest total in the past 10 years, and that has already been surpassed with more than two months left in 2014.

Shares of Shell Midstream were up 44% at $33.13 entering the noon hour of trading. Thus far, the company had moved over 23 million shares.

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