Shell Midstream Partners launches sale of 37.5m shares

Shell Midstream Partners, a part-owned subsidiary of Royal Dutch Shell, has launched the sale of 37.5m shares in the recently formed partnership.

The shares are expected to list on the New York Stock Exchange under the ticker symbol SHLX.

The underwriters of the offering will have a 30-day option to purchase up to an additional 5.6m common units from Shell Midstream Partners.

Despending how much of the additional shares are taken up, the shares being offered will represent between a 27.2% and 31.3% limited partner interest.

The remainder will be held by Royal Dutch Shell through some of its subsidiaries, together with its 2.0% general partner interest.

Shell Midstream was formed as a vehicle to own, operate, develop and acquire pipelines and other midstream assets.