PetroLogistics, which operates the world's largest propane dehydrogenation facility, lowered the proposed deal size for its upcoming IPO on Wednesday. The Houston, TX-based company now plans to raise $630 million by offering 35 million common units (96% insider) at a price range of $17 to $19. The company had previously filed to offer 35 million units at a range of $19 to $21. At the midpoint of the revised range, PetroLogistics would receive $21 million in net proceeds, 12% less than previously expected, and command a market value of $2.5 billion.
PetroLogistics, which was founded in 2007 and booked $615 million in sales for the 12 months ended 12/31/2011, plans to list on the NYSE under the symbol PDH. Morgan Stanley, Citi and UBS are the joint bookrunners on the deal.
