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PetroLogistics cuts price range

By Renaissance Capital,  May 02, 2012, 09:40:45 AM EDT

PetroLogistics, which operates the world's largest propane dehydrogenation facility, lowered the proposed deal size for its upcoming IPO on Wednesday. The Houston, TX-based company now plans to raise $630 million by offering 35 million common units (96% insider) at a price range of $17 to $19. The company had previously filed to offer 35 million units at a range of $19 to $21. At the midpoint of the revised range, PetroLogistics would receive $21 million in net proceeds, 12% less than previously expected, and command a market value of $2.5 billion.

PetroLogistics, which was founded in 2007 and booked $615 million in sales for the 12 months ended 12/31/2011, plans to list on the NYSE under the symbol PDH. Morgan Stanley, Citi and UBS are the joint bookrunners on the deal.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, IPOs

Referenced Stocks: PDH



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