(Reuters) – FMSA Holdings Inc (IPO-FMSA.N), owned by private equity firm American Securities LLC, said it expected its initial public offering to be priced at $21-$24 per share, raising up to $1.07 billion.
The company, which provides sand and sand-based products to oil and gas exploration and production companies, will be valued at about $3.87 billion at the top end of the expected price range.
American Securities, through its affiliate ASP FML Holdings LLC, is selling all the 44.5 million shares in the offering.
Morgan Stanley, Wells Fargo Securities and Barclays are among the major underwriters for the offering.
American Securities’ stake would drop to 33.2 percent from 53.3 percent if the underwriters exercise their full options.
FMSA intends to list its common stock on the New York Stock Exchange under the symbol “FMSA.”
Net income attributable to the Ohio-based company rose 14.4 percent to $78.5 million in the six months ended June 30, from a year earlier. Revenue rose about 40 percent to $629.2 million.