Coal Producer Launches IPO

St. Louis-based Foresight Energy, the largest coal producer in Illinois, plans on issuing 17.5 million common shares in an initial public offering, which represents a 13.5 percent limited partner interest in the company. The units are priced between $19 and $21 each, which Foresight estimates will garner $323.3 million before underwriting expenses and a structuring fee.

Photo by Pavan Vangipuram, Missouri Business Alert.
Photo by Pavan Vangipuram, Missouri Business Alert.

The company also offered a 30-day option for underwriters to purchase an additional 2.625 million common units for over allotments. The shares being offered to the public are expected to trade on the New York Stock Exchange under the symbol FELP. The company has over three billion tons of coal reserves supporting four mining complexes. They reported $957.4 million in 2013 revenue.

Read more from the St. Louis Post-Dispatch

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