Armstrong Energy IPO watch: U.S. thermal coal producer Armstrong Energy filed the amendment No. 5 to Form S-1 filing recently. The latest regulatory filing shows that the company has applied to list its common shares on the Nasdaq Capital Market under the symbol “ARMS.”
The company expects to receive net proceeds of approximately $53.8 million from the sales of the common stock in the public offering. The company will use the net proceeds to repay borrowings and for general corporate purposes.
Armstrong Energy, formed in 2006, is a producer and distributor of thermal coal from the Illinois Basin, with both surface and underground mines. The company currently controls approximately 326 million tons of proven and probable coal reserves.
Armstrong Energy grew revenues from zero in 2007 to $299.3 million in 2011. For the year ended December 31, 2011, the company booked $7.9 million in operating income and $41.0 million in Adjusted EBITDA. Operating income and Adjusted EBITDA for the three months ended March 31, 2012 was $2.8 million and $11.9 million, respectively.
Raymond James & Associates, FBR Capital and Marketsand Stifel Nicolaus are working as the underwriters for the Armstrong Energy IPO.
Armstrong Energy filed the IPO registration filing as early as October 12, 2012.
Find more upcoming IPOs, please go to IPO calendar.
Armstrong Energy IPO