Antero Midstream Expects to Price IPO at $19-$21/Unit
Antero Midstream Partners LP said it expects its initial public offering to be priced between $19 and $21 per common unit, raising up to $787.5 million.
The company, previously named Antero Resources Midstream LLC, is selling all the 37.5 million common units in the offering, representing about 24.7 percent of the limited partner interest in the midstream energy assets company.
Antero Midstream Partners, formed by Antero Resources Corp , will be valued at about $3.19 billion at the top end of the expected price range.
The company intends to use the net proceeds from the offering mainly to repay a debt of $458 million from the parent.
Antero Midstream owns, operates and develops assets including pipelines, compressor stations and fresh water distribution systems. It counts Antero Resources as its only client.
Antero Midstream reported a net income of $39,000 for the six months ended June 30, from a loss of $1.86 million a year earlier. Revenue grew more than fivefold to about $28.7 million.
Barclays, Citigroup and Wells Fargo Securities are among the major underwriters for the offering.
(Reporting by Avik Das in Bangalore; Editing by Savio D'Souza and Joyjeet Das)