Contura Energy, a coal producer formed out of Alpha Natural Resources' restructuring, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million. The company is currently listed on the OTC Pink Marketplace under the symbol CNTE.
The Bristol, TN-based company was formed in 2016 when it acquired Alpha's coal assets, a company that began in 2002 and IPO'd in 2004. Contura booked $1.3 billion in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol CTRA. Citi is currently the sole bookrunner on the deal. No pricing terms were disclosed.
