+ Watch VLP
on My Watchlist
In the least rational phase of the IPO cycle.
"Valero Energy Partners Goes Public, Ticker Symbol "VLP"In energy-related master limited partnership IPO news, Valero Energy Partners went public yesterday raising $324.3 million, after underwriting discounts. It priced at $23/share, above its range. After some volatile spikes and dips, VLP closed at $28.02/share.The company was formed by Valero Energy Corporation, the world’s largest independent oil and gas refiner, who will also own 100% of the company’s general partner, 72.5% of the limited partnership interests and all of “incentive distribution rights,” which are rights to receive a portion of the cash distributed from the company’s “operating surplus.” "I copy and pasted this from somewhere, but I like the pick.
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