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Energy

IPO Watch: PetroLogistics LP Files To Come Public (PDH)

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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.

Jim Berdou

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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