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Master limited partnership (MLP) VTTI Energy Partners LP has announced the terms for its initial public offering (IPO).

The UK-headquartered company plans to raise $350 million by offering 17,500,000 common units at a price range of $19 to $21 per share.

VTTI will also grant the underwriters an option to purchase up to an additional 2,625,000 common units at the initial public offering price. VTTI said it plans to list its common units on the New York Stock Exchange under the ticker symbol 'VTTI'.

VTTI Energy Partners LP's parent company, VTTI, was formed as an energy terminaling business in 2006 by independent energy trader Vitol Group.

Vitol now owns a 50 percent stake in VTTI, having sold half of its interest to Malaysia-based energy logistics company MISC in 2010 for $735 million.

Citigroup, J.P. Morgan, BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities are acting as joint book-running managers for the offering, and Rabobank, MUFG, BNP Paribas, HSBC, Societe Generale, SMBC Nikko, Credit Agricole CIB, and ING are acting as co-managers for the offering.