PennTex Midstream Partners LP, an NGP-backed MLP with midstream assets contracted to Memorial Resource, announced terms for its IPO on Tuesday.
The Houston, TX-based company plans to raise $225 million by offering 11.3 million shares at a price range of $19 to $21. At the midpoint of the proposed range, PennTex Midstream Partners LP would command a market value of $800 million.
PennTex Midstream Partners LP, which was formed in 2014, plans to list on the NASDAQ under the symbol PTXP. The company had originally selected NYSE as its listing venue when it filed publicly in September 2014, but switched to a NASDAQ listing in an amended filing last month. Citi, Barclays, RBC Capital Markets, Wells Fargo Securities, Deutsche Bank, J.P. Morgan, Suntrust Robinson Humphrey and Tudor, Pickering, Holt & Co. are the joint bookrunners on the deal. It is expected to price during the week of June 1, 2015.
