Foresight Energy Partners IPO watch: According to the latest regulatory filing submitted by Foresight Energy Partners with the U.S. SEC (Security And Exchange Commission). The company intends to have its common units listed on the New York Stock Exchange under the symbol “FELP,” in order to raise an aggregate fund of up to $300 million.
Foresight Energy Partners is a low cost producer of high Btu thermal coal in the Illinois Basin. The company approximately owns 3 billion tons of coal reserves and sell coals to the electric utility and industrial companies in the eastern United State and seaborne thermal coal market. The company generated sales revenue from coals of $271.2 million, $362.6 million and $500.8 million for 2009, 2010 and 2011, respectively. Operating incomes were $60.7 million, $90.1 million and $120.4 million for the corresponding past three years.
The net proceeds of the Foresight Energy Partners IPO will be made a distribution to foresight reserves and will note be retained by the company.
Citigroup Global Markets and Morgan Stanley are acting as the joint book-running managers and representatives of the underwriters for the Foresight Energy Partners IPO.
Foresight Energy Partners filed the IPO registration statement as early as February 2, 2012.
Foresight Energy Partners IPO