PQ Group Holdings, a global producer of silica-based inorganic chemicals, announced terms for its IPO on Tuesday.
The Malvern, PA-based company plans to raise $638 million by offering 29 million shares at a price range of $21 to $23. At the midpoint of the proposed range, PQ Group Holdings would command a fully diluted market value of $2.9 billion.
PQ Group Holdings was founded in 1831 and booked $1.8 billion in sales for the 12 months ended June 30, 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. It is expected to price during the week of September 25, 2017.
