JP Energy Partners prices IPO

JP Energy Partners LP (JPE) has priced its initial public offering of 13,750,000 common units representing limited partner interests in JPE at $20 per common unit.

JPE has granted the underwriters an option to purchase up to an additional 2,062,500 common units at the initial public offering price. The common units are expected to begin trading on the New York Stock Exchange under the ticker symbol “JPEP.”

Analysts at Renaissance Capital noted, “JP Energy Partners, an MLP that owns a diverse set of midstream energy assets, raised $275 million by offering 13.8 million shares at $20, within the range of $19 to $21.”

The offering is expected to close on Oct. 7. Upon the closing of the offering, the public will own an approximate 37.7% limited partner interest in JPE, or an approximate 43.4% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.

Barclays, BofA Merrill Lynch, RBC Capital Markets and Deutsche Bank Securities are acting as joint book-running managers for the offering, and BMO Capital Markets, Baird, Simmons & Company International, Stephens Inc., and Janney Montgomery Scott are acting as co-managers for the offering.

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