Molycorp, the only rare earth oxide (REO) producer in the Western Hemisphere, announced terms for its IPO on Tuesday. The Greenwood Village, CO-based company plans to raise $450 million by offering 28.1 million shares at a price range of $15-$17. At the mid-point of the proposed range, Molycorp will command a market value of $1.3 billion. Molycorp, which was founded in 1950 and booked $7 million in sales over the last 12 months, plans to list on the NYSE under the symbol MCP. J.P. Morgan and Morgan Stanley are the lead underwriters on the deal, which is expected to price during the week of July 26.
