American Securities' Fairmount Could Net $1B in IPO
September 23, 2014
Fairmount Santrol, a provider of high-performance sand and sand-based products for the oil and gas industry, has filed to list 44.5 million shares on the NYSE with an estimated price range of $21 to $24. Planning to trade under the symbol FMSA, the company has been backed by American Securities (53.3% pre-IPO stake) since August 2010. If priced at its range midpoint, Fairmount Santrol would raise about $1 billion in its IPO and garner a market cap of $3.6 billion. In 2013, the company reported $988 million in revenue, $293 million of adjusted EBITDA and $105 million of net income. Revenue in the first six months of 2014 was up 40% compared to the same period last year.