NGL Energy Partners LP, a recently formed LP that owns and operates a vertically-integrated propane business, announced terms for its IPO on Thursday. The Tulsa, OK-based company plans to raise $70 million by offering 3.5 million units at a price range of $19 to $21. At the mid-point of the proposed range, NGL Energy Partners LP will command a market value of $289 million. NGL Energy Partners LP, which was founded in 1940 and booked $810 million in sales for the 12 months ended March 31, 2010, plans to list on the NYSE under the symbol NGL. Wells Fargo Securities and RBC Capital Markets are the lead underwriters on the deal.
