Oiltanking Partners LP, the operator of storage facilities for oil and liquefied natural gas in Texas, raised $215 million in an initial public offering after pricing its units above the top end of the marketed range.
The Houston-based company sold 10 million common units for $21.50 each, according to a statement today from the company, after offering them for $19 to $21 apiece. The stock will trade on the New York Stock Exchange under the symbol OILT.
Oiltanking Partners is owned by Hamburg-based Oiltanking GmbH, the world’s second-biggest independent storage provider for crude, liquid chemicals and gases, according to a filing with the U.S. Securities and Exchange Commission.
Eleven energy companies have priced initial offerings in the U.S. in 2011, raising a combined $5.1 billion. This year may be the busiest for U.S. IPOs since 2007 after completed offerings in the first half put companies on track to raise as much as $62 billion.
The company’s main assets include storage tanks in Houston and Beaumont, Texas, and the parent intends for Oiltanking Partners to be “its growth vehicle” in the U.S., according to the filing. Oiltanking Partners plans to pay quarterly dividends equivalent to $1.35 per unit each year.
Revenue in the three months through March 31 increased 8 percent from a year earlier to $30 million, while net income declined 30 percent to $7.6 million in the same period, the regulatory filing shows.
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