Susser Petroleum jumps in first day of trading
NEW YORK (AP) — Common units of Susser Petroleum Partners LP jumped Thursday morning in the motor fuels distributor's first day of trading.
Susser Petroleum's IPO of 9.5 million common units priced at $20.50 each and the units rose $2.48, or 12.1 percent, to $22.98 in morning trading.
Susser Petroleum is a master limited partnership formed by Susser Holdings Corp., a convenience store operator. Susser Petroleum is based in Houston, and it distributes fuels to Susser Holdings and other companies. Its units are now trading on the New York Stock Exchange under the ticker symbol "SUSP."
The underwriters of the IPO will have the option to buy another 1.4 million units to cover over allotments.
After the IPO the public will own as much as 49.9 percent of Susser Petroleum Partners.