Westlake Chemical Partners LP, Westlake Chemical Corporation's (WLK) ethylene production business, announced terms for its IPO on Monday. The Houston, TX-based company plans to raise $225 million by offering 11.3 million units at a price range of $19 to $21. At the midpoint of the proposed range, it would command a fully diluted market value of $507 million.
Westlake Chemical Partners LP, which was formed in 2014 and booked $1.2 billion in historical sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol WLKP. Barclays, UBS Investment Bank, BofA Merrill Lynch, Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of July 28, 2014.
