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July 23, 2013

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Unprecedented Clamor: Biggest MLP IPO Pops Updated

Below is a chart of the top 20 MLP IPO pops of all time.  An MLP IPO pop is the percent change from the IPO price and the close on the first day the IPO trades.  Phillips 66 Partners (PSXP) cracked the top 3 with its performance today, up 29.1% from its IPO price, which itself was $2.00 above the indicated price range.  The shaded names in the chart are the MLPs that have priced in the last 12 months, which includes 6 of the top 20.
IPO Pops_Top20_7-23
PSXP had already smashed the record for lowest MLP IPO yield ever at 3.70% with its IPO price.  See below for the 20 lowest yielding MLP IPOs of all-time.   Starting with a record low yield at IPO and achieving a near-record IPO pop was an exaggerated version of what we saw with MPLX last fall.  I make no prediction as to where PSXP will go from here, but the clamor for PSXP’s IPO before pricing, at pricing, and now post-pricing has exceeded that of all prior MLP IPOs.
In case you were wondering, besides MPLX and PSXP, other MLPs to occupy both the IPO Pop and MLP IPO Yields lists are: BKEP (formerly SGLP – Semgroup), SEP, TOO, NGLS, EPB and TLLP.
IPO Yields

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