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Plains All American Pipeline GP sets terms for $3 billion IPO
By: Renaissance Capital
Plains GP Holdings, LP, which owns the GP and a portion of the
LP in Plains All American Pipeline LP (
), a transportation, storage and terminaling firm for oil and
natural gas products, announced terms for its IPO on Monday. The
Houston, TX-based company plans to raise $3.0 billion by offering
128.0 million shares at a price range of $22 to $25. At the
midpoint of the proposed range, Plains GP Holdings, LP would
command a fully diluted market value of $14.2 billion.
Plains GP Holdings, LP, which was founded in 2013, plans to list on the NYSE under the symbol PAGP. Barclays, Goldman Sachs and J.P. Morgan, are the joint bookrunners on the deal.