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Oiltanking Partners LP has said it raised $215 million in an initial public offering (IPO) of 10 million common units - higher than it had previously anticipated.

Houston-based Oiltanking Partners said it had priced the units at $21.50 each, raising $215 million. The units - trading yesterday on the New York Stock Exchange under the ticker symbol 'OILT' - had been expected to cost $19 to $21 each.

Oiltanking provides storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. Its general partner is owned by Oiltanking Holding Americas Inc., a subsidiary of Germany's Oiltanking GmbH, the second largest independent tank storage provider for petroleum products, chemicals and gases worldwide.

Oiltanking owns and operates 71 terminals in 22 countries within Europe, North and South America and Asia. Its overall storage capacity exceeds 17.6 million cubic meters.

According to the company, the public will own a 25.2 percent limited partner interest in Oiltanking Partners, or a 29 percent limited partner interest if the underwriters exercise their over-allotment option in full. The underwriters have a 30-day over-allotment option to buy up to an additional 1.5 million units.

Shares soared yesterday to close at $23.70, up $2.20, or 10.2 percent, on the opening price. In early trading today, the share price has risen a further $0.33, or 1.39 percent, to $24.03.

Citi, Barclays Capital, J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering, which is expected to close on Tuesday.