Marathon subsidiary strong in NYSE debut
10/27/2012FINDLAY — 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.