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Canary in a coal mine: IPO market sees Ramaco Resources set terms for $81 million offering

Ramaco Resources, a recently-formed metallurgical coal provider with reserves in Appalachia, announced terms for its IPO on Monday.

The Lexington, KY-based company plans to raise $81 million by offering 6.0 million shares (37% insider) at a price range of $12 to $15. At the midpoint of the proposed range, Ramaco Resources would command a fully diluted market value of $535 million.

The most recent coal IPO, CNX Coal Resources LP ( CNXC ), began trading in July 2015.

Ramaco Resources was founded in 2011 and booked $1 million in sales for the 12 months ended September 30, 2016. It plans to list on the Nasdaq under the symbol METC. Credit Suisse, Jefferies, BMO Capital Markets, Clarkson Capital Markets and The Seaport Group are the joint bookrunners on the deal. It is expected to price during the week of January 30, 2017.

The article Canary in a coal mine: IPO market sees Ramaco Resources set terms for $81 million offering originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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