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CVR Partners, LP (UAN) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
CVR Partners, LP (NYSE:UAN) is a limited partnership formed by CVR Energy (FRA:FL9) to own and operate a nitrogen fertilizer business. The partnership's facility is located next to CVR Energy's refinery in Kansas. The partnership makes nitrogen fertilizers and sells them throughout the midwest for farming. CVR Partners plans to use the proceeds from the offering to increase the size of their facilities by approximately 50%.[1]
Nitrogen fertilizers are frequently used in farming practices. As a result, the demand for nitrogen fertilizers are driven by the demand for food and biofuels. The first is impacted by food consumption habits, the second from energy regulation, and both through changes in population. According to the International Fertilizer Industry Association, the demand for Nitrogen fertilizers is expected to increase by 45% from 2005 to 2030. [2]
The company's initial public offering of stock on the NYSE occurred on April 7, 2011. The company offered 19.2M shares each for $16. This was at the high end of the $12-$14 initial price range. This offering raised a total of $307M. The lead underwriter of the IPO were Morgan Stanley (MS), Barclays (BCS), and Goldman Sachs Group (GS).[3]
For the full year 2010, CVR Partners reported a total revenue of $180.5M. This was a decrease from the $208.4M of net sales from 2009. Net income also decreased from $57.9M in 2009 to $33.3M in 2010.[4]
References
- ↑ UAN S-1/A PROSPECTUS SUMARY "Overview" pg 1
- ↑ UAN S-1/A PROSPECTUS SUMARY "Industry Overview" pg 6
- ↑ Renaissance Capital - IPO Home "CVR Partners prices IPO at $16, above the range" 7 April 2011
- ↑ UAN S-1/A PROSPECTUS SUMARY "Summary Historical and Pro Forma Consolidated Financial Information" pg 1
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