NEW YORK (TheStreet) -- Shares of Shell Midstream Partners (SHLX) - Get Shell Midstream Partners LP Report soared more than 44% in morning trading Wednesday, the company's first trading day after its IPO.
Shell Midstream Partners priced its initial public offering of 40 million units at $23 per unit, which was greater than the projected range of $19 to $21 per unit. The company raised $920 million in the offering.
Oil and natural gas behemoth Royal Dutch Shell (RDS.A) created the limited partnership to acquire, manage and own pipelines for midstream assets, which deal with oil and gas storage and transportation.
The stock opened at $32 on Wednesday and rose to an intraday high of $33.18 as of 11:42 a.m.