Volume 95 Issue 38 | p. 12 | Concentrates
Issue Date: September 25, 2017

PQ launches initial public offering

Department: Business
Keywords: Inorganic chemicals, initial public offering, silicates

Silicates and zeolite catalyst maker PQ has launched an initial public offering of 33 million of its shares—about 30% of shares outstanding—hoping to raise as much as $767 million at a maximum share price of $23.00. Proceeds will be used to pay down debt. The firm initially planned to go public in 2014. Instead, owner Carlyle Group sold a stake in the company to private equity firm CCMP. Last year, CCMP arranged a merger of the former Solvay sulfuric acid business with PQ. In 2016, PQ had a loss of nearly $80 million on sales of $1.4 billion. Credit ratings agency Moody’s calls the offering “credit positive” for PQ.

 
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ISSN 0009-2347
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