Fairmount Santrol, the US's second-largest provider of frac sand used in oil and gas drilling, raised $400 million by offering 25 million shares (all from selling shareholders) at $16, below the range of $21 to $24. The company had originally planned to sell 44.5 million shares; proceeds raised were 60% below the $1 billion contemplated at the midpoint of the original range. Fairmount Santrol plans to list on the NYSE under the symbol FMSA. Morgan Stanley, Wells Fargo Securities, Barclays, Goldman Sachs, Jefferies & Co., J.P. Morgan, KeyBanc Capital Markets and RBC Capital Markets acted as lead managers on the deal.
