PetroLogistics LP (PDH) IPO Opens Lower
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The IPO for PetroLogistics LP (NYSE: PDH) opened for trading at $16.50 after pricing 35,000,000 common units at $17, the low end of the expected $17-$19 range.
Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC are acting as joint book-running managers of the offering, with SG Americas Securities, LLC, Stifel, Nicolaus & Company, Incorporated and SunTrust Robinson Humphrey, Inc. acting as co-managers.
PetroLogistics LP owns and operates the world's largest propane dehydrogenation facility, based on production capacity, that processes propane into propylene. Propylene is one of the basic building blocks for petrochemicals that is utilized in the production of a variety of end uses including paints, coatings, building materials, clothing, automotive parts, packaging and a range of other consumer and industrial products.
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Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC are acting as joint book-running managers of the offering, with SG Americas Securities, LLC, Stifel, Nicolaus & Company, Incorporated and SunTrust Robinson Humphrey, Inc. acting as co-managers.
PetroLogistics LP owns and operates the world's largest propane dehydrogenation facility, based on production capacity, that processes propane into propylene. Propylene is one of the basic building blocks for petrochemicals that is utilized in the production of a variety of end uses including paints, coatings, building materials, clothing, automotive parts, packaging and a range of other consumer and industrial products.
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