NEW YORK (AP) — Valero Energy Partners is rising in its first day as a publicly traded company.
Shares of the oil pipeline owner climbed $4.98, or 21.7 percent, to $27.98 in Wednesday morning trading.
The San Antonio company was formed in July by refinery operator Valero Energy Corp. to own, operate and develop pipelines, terminals and other transportation and logistics assets.
The initial public offering of 15 million common units priced at $23 each, above the projected range of $19 to $21 per unit.
Valero Energy Partners LP raised $345 million from the offering.
The units are trading on the New York Stock Exchange under the "VLP" ticker symbol.
The offering is expected to close on Monday.