Molycorp, the only rare earth oxide (REO) producer in the Western Hemisphere, lowered the proposed deal size for its upcoming IPO on Thursday. The Greenwood Village, CO-based company now plans to raise $394 million by offering 28.1 million shares at an estimated price of $14 per share. The company had previously filed a range of $15-$17; at the mid-point of the revised range, Molycorp will raise -13% fewer proceeds than previously anticipated. Molycorp, which was founded in 1950 and booked $7 million in sales last year, plans to set a price later this morning upon SEC effectiveness and list on the NYSE under the symbol MCP. J.P. Morgan and Morgan Stanley are the lead underwriters on the deal.
