NEW YORK (AP) — Phillips 66 Partners' stock leapt in its first day as a public company on the New York Stock Exchange.
Shares of the unit of oil refiner and chemicals company Phillips 66 climbed $6.57, or 28.6 percent, to $29.57 in morning trading.
Phillips 66 Partners priced the initial public offering of about 16.4 million shares at $23 each. The company had expected to sell 15 million shares for $19 to $21 each, according to an regulatory filing. The banks managing the deal may buy another 2.5 million shares if there's demand for them.
Phillips 66 Partners LP raised $377.8 million from the offering. It plans to use proceeds from the IPO for general business purposes, including potential acquisitions
The stock trades under the "PSXP" ticker symbol.
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