Reuters: Regulatory News: UPDATE 1-PetroLogistics sees IPO priced at $19-$21/share

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UPDATE 1-PetroLogistics sees IPO priced at $19-$21/share Apr 23rd 2012, 15:09 April 23 | Mon Apr 23, 2012 11:09am EDT April 23 (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. PetroLogistics expects to use its net proceeds from the offering for working capital and general partnership purposes, and for future capital expenditures. 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.

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