Carlyle-backed Philadelphia Energy registers $100m target for potential IPO


download (4)Carlyle Group portfolio company Philadelphia Energy Solutions has registered its intention to float on the New York Stock Exchange.

The US oil refinery business states the aggregate maximum it plans to raise is $100m, according to a filing with the US securities regulator, although this is generally just stated to calculate registration fees, and could change.

Carlyle first invested in Philadelphia Energy in 2012 when it agreed to save and expand the business by picking up a majority stake, taking charge of daily operations from US petrol manufacturer Sunoco.

The firm tapped its Equity Opportunity Fund and Energy Mezzanine Opportunities Funds for the deal.

It is unclear at this stage how Carlyle’s stake will be affected by the flotation.

BofA Merrill Lynch and Credit Suisse have been named as underwriters for the IPO.

The latest registration for IPO comes just months after Philadelphia Energy affiliate PES Logistics registered to launch an IPO, with a proposed maximum aggregate of $250m.

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