Reuters – PBF Energy Prices IPO at Mid-Point of Range

Independent petroleum refiner PBF Energy Inc has priced shares in its initial public offering at $26 each, the mid-point of its expected price range, writes Reuters. New Jersey-based PBF Energy intends to use the proceeds from the offering to buy back the stake held by private equity firms Blackstone Group and First Reserve Corp.

Reuters – Independent petroleum refiner PBF Energy Inc priced shares in its initial public offering at $26 each, the mid-point of its expected price range, an underwriter told Reuters.

The company was planning to sell 16.5 million shares at between $25 and $27 each.

PBF Energy, a wholly owned subsidiary of PBF Energy Company LLC, operates three refineries in Ohio, Delaware and New Jersey with a combined capacity of 540,000 barrels per day.

New Jersey-based PBF Energy intends to use the proceeds from the offering to buy back the stake held by private equity firms Blackstone Group and First Reserve Corp.

PBF Energy was formed in 2008 to acquire crude oil refineries and downstream assets in North America.

Citigroup, Morgan Stanley, Credit Suisse and Deutsche Bank Securities were the lead underwriters to the offering.

PBF’s class A shares are expected to begin trading on the New York Stock Exchange on Thursday under the ticker symbol “PBF”.

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