PetroLogistics LP (PDH) IPO Prices at $17, Low End of Expected Range
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PetroLogistics LP (NYSE: PDH) priced its initial public offering of 35,000,000 common units representing limited partner interests at $17.00 per common unit, the low end of the expected $17-$19 range. Shares will open today on the NYSE under the symbol "PDH."
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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