Warrior Met Coal LLC on April 4 launched its initial public offering of 16,666,667 shares of common stock at an anticipated price between $17 and $19 per share.
The company, which will be converted into Warrior Met Coal Inc., said it would grant its underwriters a 30-day option to buy up to 2.5 million more shares. According to its latest amended Form S-1, the offering could net $364.2 million if 19,166,667 shares are sold at $19 each.
Warrior describes itself as a large-scale, low-cost metallurgical coal producer operating in northern Alabama. It purchased assets from Walter Energy Inc. as that company went through bankruptcy protection. Shares are expected to trade on the NYSE under the ticker symbol HCC.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are acting as lead joint book-running managers and as representatives of the underwriters for the offering. BMO Capital Markets Corp. and RBC Capital Markets LLC are also acting as joint book-running managers, and Apollo Global Securities, LLC, Clarksons Platou Securities Inc. and KKR Capital Markets LLC are acting as co-managers for the offering.