Contura Energy, a coal producer formed out of Alpha Natural Resources' restructuring, announced terms for its IPO on Monday.
The Bristol, TN-based company plans to raise $ 150 million by offering 6 million shares (100% insider) at a price range of $ 23 to $ 27. At the midpoint of the proposed range, Contura Energy would command a fully diluted market value of $ 802 million.
Contura Energy was founded in 2002 and booked $ 1.6 billion in sales for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol CTRA. Citi, Jefferies, Credit Suisse, UBS Investment Bank, Barclays and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 7, 2017.