About US$300 million is expected to be raised by Tallgrass Energy Partners LP from its initial public offer. The company is expecting the price for each share to be between US$21 and US$23 per share.
Tallgrass Development formed the limited partnership to own, operate, purchase and develop midstream energy assets. The proceeds of the 13.05 million unit IPO would be utilized to pay off debts of the partnership.
Tallgrass had filed with regulators last March the plan to raise as much as US$315 million through the IPO. Also, the common units have been approved to be listed on the NYSE under the symbol 'TEP'.
The firm provides natural gas transport and storage services in the Midwest and Rocky Mountain regions of the United States as well as processing services in Wyoming.
After adjustments, Tallgrass Energy earned US$42 million on revenues amounting to US$255.6 million back in 2012. Its parent company purchased a portfolio of midstream energy assets valued at US$3.3 billion.
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