Ramaco Resources, a recently-formed metallurgical coal provider with reserves in Appalachia, announced terms for its IPO on Monday.
The Lexington, KY-based company plans to raise $81 million by offering 6.0 million shares (37% insider) at a price range of $12 to $15. At the midpoint of the proposed range, Ramaco Resources would command a fully diluted market value of $535 million.
The most recent coal IPO, CNX Coal Resources LP (CNXC), began trading in July 2015.
Ramaco Resources was founded in 2011 and booked $1 million in sales for the 12 months ended September 30, 2016. It plans to list on the Nasdaq under the symbol METC. Credit Suisse, Jefferies, BMO Capital Markets, Clarkson Capital Markets and The Seaport Group are the joint bookrunners on the deal. It is expected to price during the week of January 30, 2017.
