British oil and gas giant BP said Monday it commenced a planned initial public offering for its new Houston-based pipeline spinoff, BP Midstream Partners.
BP said the IPO puts up for sale 42.5 million units that are priced between $19 and $21 each, meaning that BP hopes to generate more than $800 million through the launch of the new business.
The goals are to raise more money, attract new investors, and bring more value to its pipeline assets. The midstream business primarily will house BP’s Gulf Coast and Midwest assets, specifically its Gulf of Mexico pipelines, processing and storage capacity connecting its deepwater…