PQ Group Holdings, a global producer of silica-based inorganic chemicals, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the proposed deal size is likely a placeholder for an IPO that we estimate could raise as much as $800 million.
The Malvern, PA-based company was founded in 1831 and booked $1.3 billion in sales for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol PQG. Morgan Stanley, Goldman Sachs, Citi, Credit Suisse, J.P. Morgan, Jefferies, Deutsche Bank and KeyBanc Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
