Ignoring the oil and gas sector’s current price contraction, Houston-based PennTex Midstream Partners recently decided to go all in and began its initial public offering.
Founded by Thomas F. Karam, CEO, along with Robert O. Bond, COO, and Steven R. Jones, CFO, about one-and-a-half years ago, PennTex is a growth-oriented master limited partnership formed by affiliates of Natural Gas Partners and members of management. Its purpose is to own, operate, acquire and develop midstream energy infrastructure assets in North America. The company’s IPO consists of 11,250,000 common units representing limited partner interests pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission, according to a press release dated May 26. The underwriters for the offering will be granted a 30-day option to purchase up to an additional 1,687,500 common units. The common units of PTXP will be listed on the Nasdaq Global Market under the ticker symbol “PTXP.”
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