PQ Group Holdings filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). There were no pricing details given in the filing, but the offering is valued up to $100 million. The company intends to list its shares on the NYSE under the symbol PQG.
The underwriters for the offering are Morgan Stanley, Goldman Sachs, Citigroup, Credit Suisse, JPMorgan, Jefferies, Deutsche Bank, and Keybanc Capital Markets.
This company is a leading global provider of catalysts, specialty materials and chemicals, and services that enable environmental improvements, enhance consumer products, and increase personal safety.
Its products and solutions help companies produce vehicles with improved fuel efficiency and cleaner emissions. Its materials are critical ingredients in consumer products that make teeth brighter, skin softer, and wounds heal faster. PQ produces highly engineered materials that make highways and airports safer for drivers and pilots.
In the filing the company described its finances as:
For the year ended December 31, 2016, we generated sales of $1,064.2 million and pro forma sales of $1,403.0 million, a net loss of $(79.7) million and a pro forma net loss of $(57.7) million, and pro forma Adjusted EBITDA of $420.8 million, which represented a pro forma Adjusted EBITDA margin of approximately 30%.
PQ intends to use the net proceeds from this offering to pay down its indebtedness, with the remainder going towards working capital and general corporate purposes.