NEW YORK - Rose Rock Midstream (NYSE Amex: RRMS) plans to raise $140 million in an initial public offering as it splits from the company that owns its general partner.
The Tulsa, Okla., oil and gas company joins a growing list of energy IPOs this year.
Rose Rock is offering seven million common units at between $19 and $21 each. It expects net proceeds of $127.3 million, after deducting expenses, and will use the cash to pay SemGroup in return for Rose Rock's assets. SemGroup also owns the company's general partner.
The company plans to pay investors a quarterly distribution of 36.25 cents per unit.
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