PetroLogistics Unveils IPO Pricing Expectations

PetroLogistics, a producer of propylene from propane, expects its initial public offering of 35 million shares to be priced between $19 and $21 a share, according to Reuters. The Houston-based company is majority-owned by private equity firm Lindsay Goldberg and investment firm York Capital.

Reuters – PetroLogistics LP, which produces propylene from propane, said it expects its initial public offering of 35 million shares to be priced between $19 and $21 a share.

The Houston-based company is offering 1.5 million shares and its unitholder Propylene Holdings LLC is selling 33.5 million shares.

The company will not receive any proceeds from the sale of common units by the selling unitholder, it said in a filing.

The company, which is majority-owned by private equity firm Lindsay Goldberg and investment firm York Capital, had filed with the U.S. Securities and Exchange Commission last June to raise up to $600 million in an IPO.

PetroLogistics has applied to list its shares on the New York Stock Exchange under the symbol “PDH.”

Morgan Stanley, Citigroup Global, and UBS Securities are among the underwriters for the offering. (Reporting by Eileen Anupa Soreng in Bangalore; Editing by Supriya Kurane)