Houston-based Westlake Chemical Partners LP, a limited partnership formed to operate, acquire and develop ethylene production facilities and related assets, launched its IPO of 11,250,000 common units representing limited partner interests. The expected price is between $19 and $21 per common unit, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission. Westlake Chemical Partners will also grant the underwriters a 30-day option to purchase up to an additional 1,687,500 common units. The company has been approved to list its common units on the New York Stock Exchange under the symbol "WLKP," subject to official notice of issuance.
The common units offered represent about a 44.3% limited partner interest in the company, or about a 47.8% limited partner interest if the underwriters purchase the additional common units offered during the option period. Westlake Chemical Corp. and its affiliates will own the remaining 55.7% limited partner interest—or 52.2% if the underwriters purchase the additional common units—the general partner of Westlake Chemical Partners and its incentive distribution rights.
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