PetroLogistics LP, which operates the world's largest propane dehydrogenation facility, announced terms for its IPO. The Houston, TX-based company plans to raise $700 million by offering 35.0 million units (96% insider) at a price range of US$19-21. At the midpoint of the proposed range, PetroLogistics LP would command a market value of US$2.8 bln. PetroLogistics's facility processes propane into propylene, which is used in a variety of consumer and industrial applications, including paints, clothing, automotive parts and packaging. Production began in 2010 and reached 845 mln lbs in 2011. Sales for the year were US$615 mln and net income was US$22 mln. Based on preliminary estimates, production for the quarter ended 3/31/12 increased 129% to 331 mln lbs.