Antero Midstream Partners LP, the pipeline partnership of Antero Resources Corp., raised $1 billion in its initial public offering in the U.S., pricing an increased number of units above the marketed range.
Antero Midstream sold 40 million units for $25 each, according to data compiled by Bloomberg, after offering 37.5 million for $19 to $21. The stock will start trading tomorrow, listed on the New York Stock Exchange under the ticker AM.
The partnership will own and operate pipelines and other assets of natural gas producer Antero Resources, including in the Marcellus Shale in West Virginia and the Utica Shale in southern Ohio, according to a regulatory filing. Denver-based Antero Resources produced more than 1 billion cubic feet of gas daily, on average, in the Appalachian Basin during July.
Last week, Shell Midstream Partners LP, the partnership backed by Europe’s biggest oil company, surged in the best U.S. trading debut of any energy company this year after raising $920 million in an IPO.
Antero Midstream offered about 25 percent of the partnership in the IPO, the filing shows. Antero Resources, backed by Warburg Pincus LLC, will remain its largest shareholder after the sale.
Warburg Pincus holds a 79 percent stake in Antero Resources, according to data compiled by Bloomberg.
Barclays Plc, Citigroup Inc. and Wells Fargo & Co. managed the offering.
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