Last Modified: Wednesday, July 24, 2013 5:37 PM
NEW YORK (AP) — Phillips 66 Partners' stock leapt in its first day as a public company on the New York Stock Exchange.
Shares of the unit of oil refiner and chemicals company Phillips 66 climbed $6.83, or 29.7 percent, to $29.83 in morning trading.
Phillips 66 Partners priced the initial public offering of about 16.4 million shares at $23 each. The company had expected to sell 15 million shares for $19 to $21 each, according to a regulatory filing. The banks managing the deal may buy another 2.5 million shares if there's demand for them, which would add to the proceeds.
If the banks buy up all that stock, the public will own about 26 percent of Phillips 66 Partners. Phillips 66 will own the rest of it.
Phillips 66 Partners LP will own, run, develop and acquire pipelines, terminals and other assets.
The company raised $377.8 million from the offering. It plans to use proceeds from the IPO for general business purposes, including potential acquisitions.
The stock trades under the "PSXP" ticker symbol.