PQ launches initial public offering

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.