Momentive files $ 862.5 million IPO
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Momentive files for $ 862.5 million IPO

4:32 PM, 25th April 2011
Momentive files for $ 862.5 million IPO

 

BANGALORE, INDIA: Apollo Management-owned specialty chemicals maker Momentive Performance Materials Holdings LLC filed with US securities regulators to raise up to $ 862.5 million in an initial public offering of common stock.

Momentive, one of the largest chemical companies in the world, was formed when private equity firm Apollo decided to merge its two specialty chemicals companies - Hexion Specialty Chemicals Inc and Momentive in 2010. Apollo owns about 89.5 per cent of Momentive. GE Capital Equity Investments Inc owns about 8.9 per cent of the company. The company makes thermosets, silicones and silicone derivatives and has over 104 manufacturing facilities.

In 2010, Momentive had pro-forma net sales of $ 7.4 billion and adjusted EBITDA of $ 1.2 billion. Momentive did not reveal how many shares it planned to sell or their expected price in a filing with the US Securities and Exchange Commission.

In the filing, Momentive did not specify the exchange on which its shares would be listed. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO can be very different. 

 (C) Thomson Reuters

 

 

 

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