PGI Specialty Materials, a global provider of polymer-based personal and industrial nonwoven materials, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. The deal size is likely just a placeholder for an IPO that we estimate could raise $400 million or more.
PGI is owned by Blackstone (NYSE: BX).
The Charlotte, NC-based company was formed in 2010 and booked $2 billion in sales for the 12 months ended September 30, 2014. BofA Merrill Lynch, Citi, Goldman Sachs, Jefferies & Co. and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed. The company has not selected a ticker or an exchange.
