PetroLogistics Goes Public

PetroLogistics raised about $595 million in its IPO, which debuted May 4 on the New York Stock Exchange. Shares opened at $16.50/share, down 2.9% from its initial public offering price of $17. A total of 35 million common units were sold at the bottom of a reduced range of $17-$19; the company had originally set out to sell at a range of $19-$21. Shares hit a high of $17.60 on May 15 and was trading at $16.37 atCW press time. PetroLogistics filed for the IPO in late July, seeking to raise $600 million. The company owns and operates the world’s largest...

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