FMSA Holdings, an LBO'd global provider of sand and sand-based products to oil and gas E&Ps, filed on Friday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate the company could raise $1 billion for selling shareholders, whose shares will comprise the entire offering. American Securities bought a 51% stake in predecessor Fairmount Minerals in 2010.
The Chesterland, OH-based company, which was founded in 1986 and booked $1.6 billion in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol FMSA. FMSA Holdings initially filed confidentially on July 11, 2014. Morgan Stanley, Wells Fargo Securities, Barclays, Goldman Sachs, Jefferies, J.P. Morgan, KeyBanc Capital Markets and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
