NEW YORK (Reuters) – Two more companies backed by private equity firms have submitted plans to go public, as buyout firms seek to take advantage of the stock market rally to unload portfolio companies.
Global Geophysical Services Inc, which provides technology that collects seismic data for oil and gas industry, is seeking up to $150 million in an IPO that will be led by Credit Suisse and Barclays Capital.
Its largest stockholders include private equity firm Kelso Investment Associates LP. It plans to list on the New York Stock Exchange under the symbol “GGS.”
Global Geophysical, of Missouri City, Texas, had revenue of $124.5 million in the six months of 2009, down 28.3 percent from the year-earlier period, and a loss of $4.7 million.
The other company, Cellu Tissue Holdings Inc, makes household and industrial paper products such as bathroom tissue napkins and disposable absorbent products.
It has submitted plans to raise up to $125 million in a New York Stock Exchange-listed initial public offering and list under the symbol “CLU.”
Alpharetta, Georgia-based Cellu, which is controlled by private equity firm Weston Presidio LP, said in a prospectus filed Friday with U.S. regulators that it is “highly leveraged” with long-term debts of $268.4 million as of Aug. 27, 2009. It plans to use the IPO’s proceeds to pay down some of that debt.
Cellu had sales of $519 million in the fiscal year ended Feb. 28, 2009, with profits of $6.6 million.
Goldman Sachs & Co and JP Morgan are managing the IPO. (Reporting by Phil Wahba; Editing by Gary Hill)