Houston-based midstream company Targa Resources Investments Inc. plans to raise as much as $300 million in an initial public offering on the New York Stock Exchange as TRGP, according to a Sept. 9 SEC filing. Barclays Capital is underwriter, and Warburg Pincus and Merrill Lynch Ventures are the selling shareholders.

The number of shares and price per share were not disclosed. Targa will not receive any of the proceeds from the IPO.

"We believe that current industry dynamics are resulting in increases in domestic drilling within the basins in which we operate, and are creating the need for additional gas and gas liquids infrastructure and services," Targa said in the filing.

Targa Resources Investments is the indirect parent company of Targa Resources GP LLC, the general partner of Targa Resources Partners LP (NYSE: NGLS), a publicly traded Delaware limited partnership providing midstream gas and natural gas liquid services in the U.S.

According to Targa, its partnership owns or operates more than 11,000 miles of gas gathering and NGL pipelines, and it can process up to 314,000 barrels of NGL per day.

"Our primary business objective is to increase our cash available for distribution to our stockholders by assisting the partnership in executing its business strategy," Targa said in its filing. "We may facilitate the partnership's growth through various forms of financial support, including, but not limited to, modifying the partnership's IDRs, exercising the partnership's IDR reset provision contained in its partnership agreement, making loans, making capital contributions in exchange for yielding or non-yielding equity interests or providing other financial support to the partnership, if needed, to support its ability to make distributions."

Additionally, Targa says it may acquire assets that could potentially be candidates for acquisition by its partnership. Currently, Targa has one operating asset consisting of an approximate 77% ownership interest in Venice Energy Services Company LLC, or VESCO, a Delaware limited liability company which operates a cryogenic gas processing plant and associated facilities in Plaquemines Parish, Louisiana.

According to its filing, Targa plans to sell its interests in VESCO to the partnership before closing its offering.

Rene R. Joyce has held the positions of director and chief executive at Targa Resources Investments since its formation by Warburg and management in October 2005, at its general partner since October 2006 and at Targa Resources Inc. since its formation in February 2004. Joyce was also a consultant for the Targa predecessor company during 2003. Additionally, Joe Bob Perkins has held the position as Targa Resources Investments president since its formation.

Targa brings gas and NGL to market primarily in the Gulf Coast, Midcontinent and Rockies regions.