HOUSTON – Houston-based PetroLogistics LP, a company that makes propane into propylene, is hoping to raise about $600 million in an initial public offering.
In a statement announcing the IPO, the company did not indicate the price of the stock units, how many units will be offered or when the units will be offered.
Propylene is one of the basic building blocks for petrochemicals and is used in a variety of products including coatings, building materials, clothing, automotive parts, packaging, and a range of other consumer and industrial products.
The company operates in a newly constructed facility that has an annual nameplate production capacity of approximately 1.2 billion pounds of propylene. Operations at the facility commenced in October 2010 and first achieved daily production rates at or above nameplate capacity in April 2011.
The company will trade on the New York Stock Exchange under the symbol "PDH."
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