Storage terminal operator Oiltanking Partners LP, a Delaware limited partnership, announced an initial public offering of ten million common units representing limited partner interests priced at $21.50 per unit. The common units began trading under the ticker symbol "OILT" on the New York Stock Exchange on July 14.
The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 1.5 million common units. The offering is expected to close on Tuesday, July 19, 2011. Upon conclusion of the offering, the public will own a 25.2% limited partner interest in Oiltanking Partners, or a 29.0% limited partner interest if the underwriters exercise their over-allotment option in full.
Citi, Barclays Capital, JP Morgan, and Morgan Stanley are acting as joint book-running managers for the offering. Raymond James, Deutsche Bank Securities, and Stifel Nicolaus Weisel are acting as co-managers for the offering.