Inergy Midstream, an Inergy spin-off that owns and operates natural gas storage facilities and pipelines in NY and PA, announced terms for its IPO on Tuesday. The Kansas City, MO-based company plans to raise $320 million by offering 16 million shares at a price range of $19 to $21. At the mid-point of the proposed range, Inergy Midstream LLC will command a market value of $368 million. Inergy Midstream, which was founded in 2005 and booked $111 million in sales for the 12 months ended September 30, 2011, plans to list on the NYSE under the symbol NRGM. Morgan Stanley, Barclays Capital, BofA Merrill Lynch, Credit Suisse and Wells Fargo are the lead underwriters on the deal.
