Mapco Parent Raises $172 Million with IPO

Press enter to search
Close search
Open Menu

Mapco Parent Raises $172 Million with IPO

NASHVILLE, Tenn.--Delek US Holdings Inc., the holding company for gas station chain Mapco Express, has completed its initial public offering of 11.5 million shares of stock, raising net proceeds of about $172 million, reported the Nashville Business Journal .

The offering, priced at $16 per share, included 1.5 million shares sold to underwriters under a 30-day option to buy additional shares, reported the newspaper.

Shares of Delek were trading at $17.25 on Wednesday, up about 1.8 percent from its closing price Tuesday.

Proceeds from the offering will be used to repay debt, acquisitions, and capital improvements, according to the report.

Last December, Franklin, Tenn.-based Delek bought 21 Nashville-area service stations and additional assets from BP Products North America. Last week, CEO Uzi Yemin said the company would focus on a new branding campaign for its Mapco Mart brand.

Delek operates 349 gas stations and convenience stores from Louisiana to Virginia. The stores operate mainly under the Mapco Express, East Coast and Discount Food Mart brands. The company also operates a refinery in Tyler, Texas, which it bought last year, as well as a wholesale fuel distribution operation supplying more than 50 dealer-operated retail sites.