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Oct 20 (Reuters) - Shell Midstream Partners LP
The Houston-based company's offering of 37.5 million unitswill raise $787.5 million at the top end of the expected range.(http://1.usa.gov/1t3Icn9)
A number of master limited partnerships (MLPs), includingPBF Logistics LP, Viper Energy Partners LP andGasLog Partners LP, have listed this year.
Shell Midstream owns stakes in four onshore and offshorepipelines in Texas and Louisiana.
This includes a 43 percent stake in a crude oil pipelineconnecting Houston to Houma, a 28.6 percent stake in a pipelineto the offshore Mars field in the Gulf of Mexico, and a 49percent stake in a refined products pipeline linked to fourLouisiana refineries.
The MLP structure allows companies to raise money in thestock market while having income taxed only at the unit holderlevel, avoiding corporate income taxes.
MLPs that hold midstream assets, such as pipelines andstorage facilities, have found favor with investors since theydistribute most of their earnings to shareholders.
Shell Midstream's revenue jumped 57 percent to $79.5 millionin the six months ended June 30. Net income more than tripled to$41.4 million.
The company said it planned to list its units on the NewYork Stock Exchange under the symbol "SHLX".
Barclays and Citigroup are among the lead underwriters forthe IPO. (Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)