Delek Sets Public Offering at $14 a Share
WASHINGTON -- Delek US Holdings Inc. set on Thursday its planned initial public offering at 10 million shares at an estimated price of $14 to $16 per share, reported Reuters. Delek operates an independent refinery in Tyler, Texas, and has a network of 349 company-operated retail fuel and convenience
stores.
The Franklin, Tennessee-based diversified energy business said in an amended filing with the U.S. Securities and Exchange Commission that the underwriters have the option to buy an additional 1.5 million shares to cover over-allotments.
The company said in the Reuters report that it expects to receive roughly $136.8 million in net proceeds from the IPO and will use those funds to repay debt, for future acquisitions, capital improvements to its refinery and convenience stores, and for the construction of new retail fuel and convenience stores.
Lehman Brothers and Citigroup are the lead underwriters for the IPO. Delek intends to list its stock on the New York Stock Exchange under the symbol "DK"
The Franklin, Tennessee-based diversified energy business said in an amended filing with the U.S. Securities and Exchange Commission that the underwriters have the option to buy an additional 1.5 million shares to cover over-allotments.
The company said in the Reuters report that it expects to receive roughly $136.8 million in net proceeds from the IPO and will use those funds to repay debt, for future acquisitions, capital improvements to its refinery and convenience stores, and for the construction of new retail fuel and convenience stores.
Lehman Brothers and Citigroup are the lead underwriters for the IPO. Delek intends to list its stock on the New York Stock Exchange under the symbol "DK"
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Company will use funds to construct new retail fuel and c-stores.
The company expects to raise $93.3 million to be used to repay debt, for growth capital.
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