IPO News Archive

Rio Tinto carve-out Cloud Peak Energy sets IPO terms and timing

11/9/09


Cloud Peak Energy, a carve-out of Rio Tinto's western US coal business and the country's third largest producer, announced terms for its IPO on Monday. The Gillette, WY-based company plans to raise $520 million by offering 30.6 million shares at a price range of $16.00 to $18.00. At the mid-point of the proposed range, Cloud Peak Energy will command a market value of $534 million. Cloud Peak Energy, which was founded in 1993 and booked $1.4 billion in sales over the last 12 months, plans to list on the NYSE under the symbol CLD. Credit Suisse, Morgan Stanley, and RBC Capital Markets are the lead underwriters on the deal, which is expected to price next Thursday, Nov. 19.

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