* Western Gas Equity sees IPO priced at $19-$21 per unit
* To list units on NYSE under symbol "WGP"
* PBF Energy sees IPO priced at $25-$27 per share
* To list Class A shares on NYSE under symbol "PBF"
Dec 3 Western Gas Equity Partners LP and PBF
Energy Inc set price ranges on Monday for their proposed initial
public offerings as energy companies look to tap a stabilizing
United States IPO market.
Texas-based limited partnership Western Gas Equity, which
owns interests in Western Gas Partners LP, plans to sell
15 million shares at between $19 and $21 each. Western Gas
Partners is a wholly-owned unit of Anadarko Petroleum Corp
At the top end of the range, the offering will raise $315
million, below the up to $362.4 million the company initially
filed to raise last month.
Western Gas Equity, formed in September, intends to make
initial distribution of 16.5 cents per common unit following the
offering. The company plans to list on the New York Stock
Exchange under the symbol "WGP".
Petroleum refiner PBF Energy Inc plans to sell 16.5 million
shares at between $25 and $27 per share, raising about $445
million in proceeds it plans to use to buy back stake from its
existing owners -- private equity firms Blackstone Group
and First Reserve Corp.
New Jersey-based PBF had filed an initial placeholder
offering amount of up to $100 million in November
PBF Energy intends to list its Class A shares on the New
York Stock Exchange under the symbol "PBF".
The dual class share structure will allow holders of Class B
shares, including Blackstone and First Reserve, to maintain
about 83 percent of the voting power, a regulatory filing
Citigroup and Morgan Stanley are lead underwriters to the
PBF Energy offering, while Barclays and Citigroup are acting as
representatives for underwriters on the Western Gas Equity IPO.