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The rush of master limited partnerships going public continues unabated through the third quarter of 2013. As the month of September draws to a close, let's look back at all that we have gained this quarter in the wonderful world of MLP IPOs.
The third quarter got things going in a big way when Phillips 66 Partners (NYSE: PSXP ) debuted on July 23. The partnership soared 29% in its first day of trading, making it the third biggest MLP debut ever. Units priced at $23 but didn't stay there for long, quickly climbing before closing at $29.70 on the day.
Marlin Midstream (NASDAQOTH: AZUR ) joined Phillips 66 Partners a few days later, when its units began trading on July 26. Unlike PSXP, Marlin floundered on its first day, pricing units at $20 only to watch them close at $20.03.
This particular week in July was an excellent example of the notion that not all MLPs are created the same.
The market met two more MLPs in August, with the debuts of QEP Midstream Partners (NYSE: QEPM ) and World Point Terminals (NYSE: WPT ) on Aug. 9. QEP Midstream is a spinoff from QEP Resources, while World Point Terminals is a crude oil and refined products terminals operator controlled by its privately held parent Apex Oil .
August also marked the debut of a new MLP fund, as the Global X MLP & Infrastructure ETF (NYSEMKT: MLPX ) began trading on Aug. 7. As more MLPs hit the market, the growth of MLP-focused investment vehicles, particularly ETFs and ETNs, has kept pace. The Global X addition marks at least five new funds added this year, joining the six that debuted last year .
OCI Resources (NYSE: CINR ) hit the street on Sept. 13. Shares are down slightly since this trona ore mining and soda ash business made its debut, pricing at $19 and now trading just above $18.17.
Also in September, Cheniere Energy (NYSEMKT: LNG ) announced that it planned to take the general partner of its MLP Cheniere Energy Partners (NYSEMKT: CQP ) public, and filed an S-1 registration form with the SEC for Cheniere Energy Partners LP Holdings. The new entity will not be structured as an MLP and will be taxed as a corporation. It will trade under the ticker symbol CQH.
Keeping track of all of these IPOs is the first step; digging in to find the best opportunities for investment is the second. Different options for investors will continue to hit the market in coming months as we prepare for the respective debuts of no less than seven MLPs, including OCI Partners, Sprague Resources, Western Refining Logistics, Plains GP Holdings, Valero Energy Partners, Midcoast Energy Partners, and Devon Midstream Partners.
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