Hess Midstream Partners LP upsized its IPO to 14,780,000 common units, priced at $23 each, which is higher than previously estimated.
The IPO was previously sized at 12,500,000 common units, which were to be sold at between $19 and $21 each.
The underwriters have been given a 30-day option to purchase up to an additional 2,217,000 common units at the IPO price, according to an April 4 news release. The units will trade beginning April 5 on the NYSE under the ticker HESM.
Upon the IPO closing, scheduled for April 10, the public's stake in the partnership will be about 26.5%, or 30.5% if the underwriters' overallotment option is exercised in full. Certain Hess Corp. subsidiaries and Global Infrastructure Partners II and its affiliates will each hold 50% of the rest of the limited partner interest.
Hess Corp. and Global Infrastructure Partners II's 50/50 joint venture, Hess Infrastructure Partners LP, will hold the incentive distribution rights and all the equity interests in Hess Midstream's general partner.
Goldman Sachs & Co., Morgan Stanley, Citigroup, J.P. Morgan, MUFG and Wells Fargo Securities are acting as book-running managers for the IPO.