(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.
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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).