Monday, Sep 26, 2016
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Stock Market

Marathon subsidiary strong in NYSE debut

FINDLAY — A pipeline subsidiary of Marathon Petroleum Corp. had a successful stock market debut Friday.

MPLX LP raised $380.6 million in an initial public offering of its units. It sold 17.3 million units at $22 each, above the expected range of $19 to $21, which suggested strong demand for the company.

Trading under the “MPLX” symbol on the New York Stock Exchange, units jumped as high as $27.68 before closing at $27.20. Marathon Petroleum shares closed up 3 percent to $55.61.

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