NEW YORK (AP) — Shares of oil and gas partnership PBF Logistics surged Friday after the company's IPO raised more than $300 million, making it the largest initial public offering of the day.
PBF Logistics LP said its IPO raised $316.3 million before expenses. PBF Logistics is a partnership formed by PBF Energy Inc. to operate pipelines and other assets. Its IPO of 13.8 million common units priced at $23 each, above its initial expectations.
The company units jumped $4.18, or 18.2 percent, to $27.18 in morning trading and peaked at $28.30. They are now trading under the ticker symbol "PBFX" on the New York Stock Exchange.
In other offerings:
— Alcentra Capital Corp. said its offering of 6.7 million shares priced at $15 per share, matching its own estimates. Alcentra is a newly formed specialty finance company, and it plans to operate as an investment company focused on corporate bonds.
Shares lost 10 $14.90 in morning trading. Alcentra shares are trading under the ticker symbol "ABDC" on the Nasdaq Global Select Market.
The company plans to use the proceeds of its IPO to repay debt.
— Tuniu Corp. said its IPO of 8 million U.S. shares priced at $9 each, at the low end of its expectations. Tuniu is selling 7.4 million of the shares and expects $66.4 million in gross proceeds.
The company owns Tuniu.com, China's largest online provider of packaged tours. Its shares are trading on the Nasdaq Global Market under the ticker symbol "TOUR," and they rose 6 cents to $9.06.