DCP Midstream Partners LP, a unit of Denver-based Duke Energy Field Services LLC, announced Thursday that it plans to net $176.6 million in a sale of partnership units to the public.
The partnership priced 9 million units at $21.50 apiece, representing a 50.4 percent stake in DCP Midstream, the company said in a statement. Duke Energy Field Services, a venture owned by Duke Energy Corp. and ConocoPhillips, will own the rest.
DCP, based in Denver, operates plants that gather and process impurities from natural gas. It runs a 1,430-mile natural-gas pipeline in Louisiana and Arkansas, and lines that carry natural-gas liquids.
The initial public offering is being led by Lehman Brothers Inc. and Citigroup Global Markets Inc. The underwriters have an option to purchase an additional 1.35 million units.
The units are expected to begin trading today on the New York Stock Exchange under the symbol DPM.
