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Oil storage company World Point Terminals sets terms for $175 million IPO

August 1, 2013
WPT

World Point Terminals, LP, a limited partnership formed to own and operate storage terminals for light refined products, heavy refined products and crude oil, announced terms for its IPO on Thursday. The St. Louis, MO-based company plans to raise $175 million by offering 8.8 million shares (56% insider) at a price range of $19 to $21. At the midpoint of the proposed range, World Point Terminals, LP would command a fully diluted market value of $659 million. World Point Terminals, LP, which was founded in 2013 and booked $74 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol WPT. World Point Terminals, LP initially filed confidentially on May 6, 2013. BofA Merrill Lynch is the sole bookrunner on the deal.