Hess Midstream Partners LP, an MLP formed by Hess and GIP to own pipeline and storage assets in the Bakken Shale, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $250 million by offering 12.5 million units at a price range of $19 to $21. At the midpoint of the proposed range, Hess Midstream Partners LP would command a market value of $1.1 billion.
Hess Midstream Partners LP was formed in 2014 and booked $510 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol HESM. Goldman Sachs, Morgan Stanley, Citi, J.P. Morgan, Mitsubishi UFJ Securities and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 3, 2017.
