Shell Midstream Partners LP, the pipeline company backed by Europe’s biggest oil company, raised $920 million in its IPO in the U.S., pricing shares above the marketed range, Bloomberg said Oct. 29.

Shell Midstream sold 40 million shares for $23 each, after offering 37.5 million shares for $19 to $21 apiece, according to a statement Oct. 28. The shares, listed on the New York Stock Exchange under the ticker “SHLX,” will start trading Oct. 29.

The Houston-based company will use proceeds from the share offering to make a payment to Royal Dutch Shell Plc (NYSE: RDS-A, RDS-B), which remains its largest shareholder with about 71% of the company. Shell’s CEO, Ben Van Beurden, who took the helm this year, is looking to shed about $15 billion in assets through 2015 to focus on projects with the highest investor returns.

Shell Midstream owns stakes in assets including the Houston-to-Houma (Ho-Ho) pipeline, an offshore pipeline to the Mars Field in the Gulf of Mexico and two that deliver fuel through the eastern U.S. The Hague-based Shell operates the pipelines.

Shell Midstream will operate as a MLP, which is exempt from federal taxes and returns almost all income to shareholders. The Ho-Ho pipeline is expected to account for 62% of cash available for distribution, the largest contribution, in the year through September 2015, the filing shows.

Barclays Plc (NYSE: BCS) and Citigroup Inc. (NYSE: C) managed the sale.

Shell Midstream’s CEO, Peggy Montana, formerly an executive vice president at Shell Downstream Inc., was appointed in May.