PetroLogistics LP has filed its paperwork with the SEC to raise $600 million in equity capital in an initial public offering. The company will list it common shares on the New York Stock Exchange under the symbol “PDH.” Formal financial terms are not yet available.
PetroLogistics LP owns and operates the world’s largest facility 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.
The company claims to be the only independent, dedicated “on-purpose” propylene producer in North America. Strategically located in the vicinity of the Houston Ship Channel and within 50 miles of approximately one-half of all U.S. propylene consumption.
The S-1 filing lists as underwriters: Morgan Stanley, Citigroup, UBS, Wells Fargo, SG Americas Securities (Societe Generale), and Stifel, Nicolaus & Company.
The full S-1 Filing at the SEC is here.