(By Balachander) CVR Refining LP (NYSE: CVRR) has raised $600 million in its trading debut after pricing its units within its proposed range.
Units rose around 2 percent in their public debut on Thursday.
CVR Refining priced its initial public offering of 24 million units at $25.00 each, at the midpoint of its expected price range between $24 and $26.
The company has granted the underwriters an option to purchase up to an additional 3.6 million units.
After the offering, CVR Energy Inc. (NYSE: CVI) will own roughly 83.7 percent of CVR Refining's common units or around 81 percent if the underwriters fully exercise their option.
Activist investor Carl Icahn's Icahn Enterprises, the majority stockholder of CVR Energy, will acquire 4 million CVRR units or about 2.7 percent.
CVR Refining is an independent downstream energy limited partnership with refining and related logistics assets that operates in the mid-continent region.
CVR Refining ownS and operates a 115,000 barrels per day (bpd) complex full coking medium-sour crude oil refinery in Coffeyville, Kansas and a 70,000 bpd medium complexity crude oil refinery in Wynnewood, Oklahoma capable of processing 20,000 bpd of light sour crude oils (within its 70,000 bpd capacity).