PARSIPPANY, N.J. (AP) -- Shares of PBF Energy Inc. rose 6 percent in their first hours of trading on the New York Stock Exchange, following an initial public offering that raised about $533 million.
In the IPO, the Parsippany, N.J.-based company sold 20.5 million shares of its Class A common stock for $26 each. The company also granted the offering's underwriters — Citigroup, Morgan Stanley, Credit Suisse and Deutsche Bank Securities — a 30-day option to buy up to an additional 3.1 million shares.
PBF said it will use a significant part of the offering's net proceeds to buy equity interests in its subsidiary, PBF Energy Company LLC, from its majority owners First Reserve Corp. and The Blackstone Group LP.
PBF is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the U.S. Its shares are trading under the ticker symbol "PBF."
In morning trading, PBF shares rose $1.50, or 6 percent, to $27.50, after jumping as high as $28.17 earlier in the session.