Shares of PBF Energy, the Parsippany, NJ-based company that runs the former Valero refineries in Paulsboro and Delaware City and Sunoco's first refinery in Toledo, Ohio, have been trading a buck or two above last Thursday's initial public stock offering (IPO) price of $26 a share.
PBF, run by veteran refinery buyer and seller Thomas O'Malley, says it raised $533 million, and will use the money to buy back shares from investors First Reserve Corp. and Blackstone Group, as well as O'Malley. More in this PBF statement and in PBF's share prospectus.