Philadelphia Energy sets terms for $250 million IPO

Philadelphia Energy Solutions, the Carlyle-backed owner of a crude oil refinery and rail terminal in Philadelphia, announced terms for its IPO on Monday.

The Philadelphia, PA-based company plans to raise $250 million by offering 15.2 million shares (22% insider) at a price range of $15 to $18. At the midpoint of the proposed range, Philadelphia Energy Solutions would command a fully diluted market value of $1.3 billion.

The Carlyle Group (NASDAQ: CG) owns a controlling interest in the company. 

Philadelphia Energy Solutions, which was founded in 2012 and booked $12.2 billion in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol PESC. BofA Merrill Lynch, Credit Suisse, Goldman Sachs, Barclays, Jefferies and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2015.