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Hi-Crush Partners sets terms for $225 million US IPO
By: Renaissance Capital
Hi-Crush Partners LP, a producer of proppants used in
recovering hydrocarbons from oil and nat gas wells, announced
terms for its IPO on Tuesday. The Houston, TX-based company plans
to raise $225 million by offering 11.3 million shares at a price
range of $19.00 to $21.00. At the midpoint of the proposed range,
Hi-Crush Partners would command a market value of $546 million.
Hi-Crush Partners LP, which was founded in 2012 and booked $55 million in sales for the 12 months ended June 30, 2012, plans to list on the NYSE under the symbol HCLP. Barclays, Morgan Stanley, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal.