NEW YORK _ Valero Energy Partners is rising in its first day as a publicly traded company.
Shares of the oil pipeline owner climbed $4.98, or 22%, to $27.98 in Wednesday morning trading.
The San Antonio company was formed in July by refinery operator Valero Energy Corp. (NYSE: VLO, Stock Forum) 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.