Lehigh Gas initiates initial public offering
ALLENTOWN, Pa. -- Lehigh Gas Corp. says it is going public.
The Allentown, Pa.-based fuel distribution company said Wednesday it plans an initial public offering of 6 million common units representing limited partner interests.
Lehigh Gas expects the IPO to raise between $105. million and $122 million based on an assumed offering price of $20 per unit, according to its Securities and Exchange Commission filings.
The company said it will use the money to repay debts and for general purposes including capital expense and acquisitions.
Lehigh Gas provides fuel to gas stations and runs convenience stores. The company owns and leases sites in eight states including Pennsylvania.
Last year the company moved from a site near Lehigh University to Allentown's newly formed Neighborhood Improvement Zone, which redirects state tax dollars to support downtown development.