Fairmount Santrol Debuts on NYSE after Reduced Offering
October 06, 2014
American Securities-backed Fairmount Santrol raised $400 million in its IPO, pricing 25 million shares at $16. The offering was smaller than expected, as the frac sand provider for the oil & gas industry had filed terms last month that would have raised around $1 billion if priced at its range midpoint (44.5 million shares, $21 to $24 range). Listed on the NYSE under the symbol FMSA, the company opened its first day of trading Friday at $16.55, peaked at $16.93 and closed back at $16. American Securities has backed it since August 2010.