Valero Energy unit poised for IPO
The energy firm, Valero GP Holdings, hopes to raise up to $414 million, while an insurer and a Wall Street bank are also set to go public.
NEW YORK (CNNMoney.com) -- Yet another energy outfit is hoping to tap into a hot market with an initial public offering.
Valero GP Holdings is the holding company for Valero LP (Charts), which operates independent terminals and petroleum pipelines in the United States and around the world. This coming week, it's looking to go public.
Valero GP itself is owned by subsidiaries of refinery giant Valero Energy (Charts). An estimated 17.25 million units of Valero GP are expected to be sold for between $22 and $24 a share. (Each unit represents limited liability company interest.)
Valero GP plans to trade on the New York Stock Exchange under the symbol "VEH."
Here's a look at the other IPOs on tap for this week:
Allied World Insurance plans to sell 8.8 million shares at an estimated price of $34 to $37 a share, and list on the New York Stock Exchange under the symbol "AWH."
The Bermuda-based insurer underwrites property and casualty insurance through operations in Bermuda, the United States, Ireland and the United Kingdom. It also is involved in reinsurance.
It intends to use the money raised from the offering to pay back loans and for general business purposes.
Investment banking outfit Cowen Group intends to sell 11.2 million shares at an expected price of $19 to $21 a share. The firm, a unit of French investment bank Societe Generale, is being spun off by SG Americas Securities Holdings and plans to trade on the Nasdaq under the ticker "COWN."
Cowen provides investment banking services to clients in the healthcare, technology, media, telecommunications and consumer industries. It also offers research, sales and trading services.
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