NEW YORK (AP) — Western Refining Logistics LP shares jumped in their trading debut on the New York Stock Exchange.
The Texas-based oil refiner is a subsidiary of Western Refining Inc. and raised $302.5 million in its initial public offering Thursday.
It priced its offering of nearly 13.8 million shares at $22 per share, just ahead of market expectations.
Its shares jumped almost 10 percent to $24.17 by early afternoon after trading as high as $24.74 earlier.
The company's shares are trading under the ticker symbol "WNRL."
Western Refining Logistics, based in El Paso, Texas, has given underwriters a 30-day option to purchase up to nearly 2.1 million additional shares for overallotments.
The company plans to use the proceeds to reimburse its former parent company for certain costs and for its own general partnership purposes.