PetroLogistics, a propylene producer backed by US buyout house Lindsay Goldberg and investment firm York Capital, said it expects its initial public offering to be priced at between $19 and $21 per share.
The Houston-based business, which produces propylene from propane, is selling 1.5 million shares, while parent company Propylene Holdings is offering 33.5 million shares. The group filed with the SEC to raise up to $600m in an IPO in June last year.
The company said it will use the proceeds from the offering for working capital, general partnership purposes and future capital expenditures. Shares will trade under the ticker ‘PDH’. Morgan Stanley, Citigroup Global, and UBS are among the underwriters.
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