Shell Midstream Partners, a wholly-owned subsidiary of Royal Dutch Shell, is planning to launch an initial public offering (IPO) of up to $750 million in shares in an effort to deliver more value to its shareholders. The Anglo-Dutch giant is selling shares in its U.S. pipeline business, hoping to take advantage of global investors' interest in the U.S. midstream market.

According to media reports, the IPO will take place in the second half of the year and will include shares in four pipelines primarily in Texas and Louisiana, located both offshore and onshore. A statement from the company said that Shell Midstream Partners will trade on the New York Stock Exchange under the symbol SHLX.

Shell has been reviewing its assets recently, following the appointment of the company's new chief executive Ben van Beurden and his plan to improve capital efficiency for the oil giant. Shell is attempting to stabilize and improve its financial performance after issuing its first ever profit warning in January this year. The problem was particularly serious for Shell's North American business, which reported losses for most of 2013.

As part of the turnaround plan, the company also announced last week that it was selling a 19 percent stake in Australian energy company Woodside Petroleum. The sale is expected to raise approximately $5 billion for Shell, according to the Financial Times.