Marathon Petroleum has said that it will offer 17.3 million units of new stock at $22-a-piece as part of its initial public offering after demand far exceeded the 15m units at $19 to $21 it had originally planned to sell.
Marathon, the parent of convenience retailer Speedway, saw its shares reach as high as $26.50 in its first day of trading on Friday. Speedway has not been part of the offering.
The IPO could see the company end up with a different set of major shareholders. The offering's underwriters, UBS, Bank of America Merrill Lynch, Citigroup, Morgan Stanley and JP Morgan, could end up owning over 25% of the company's shares should they choose act on their right to acquire an additional 2.595m shares that will be made available at a later date. The underwriters will have 30 days to decide whether or not to act.
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