FINDLAY — A pipeline subsidiary of Marathon Petroleum Corp. had a successful stock market debut today after raising $380.6 million in an initial public offering of its units.
MPLX LP sold 17.3 million units at $22 each, above the expected range of $19 to $21, which suggested strong demand for the company. The banks managing the IPO may buy another 2.6 million shares.
Public shareholders will have a 23 percent limited partner interest in MPLX, while Marathon will own the rest. Marathon Petroleum, which separated from Marathon Oil Corp. in July, 2011, refines oil and transports it. It formed MPLX this year to operate pipelines.
Trading under the “MPLX” symbol, units jumped as high as $27.68 before closing at $27.20. Marathon Petroleum shares are up 3 percent to $55.61.