Rhino Resources, Inc. (NYSE: RNO) is supposed to price its IPO this evening for Friday trading, or at least that is what we had on our IPO calendar at the start of the week. The IPO is still on schedule, but the company just made an amended filing showing that the original $16 to $18 range has been taken down to a range of $11 to $12.00 per share.
This is still listed as 10 million shares with 6.5 million shares beingsold by the company and 3.5 million shares being sold by the RhinoEnergy Holdings LLC holder(s). The underwriting group has anover-allotment option of 1.5 million shares.
Morgan Stanley and Lehman Brothers are listed as lead managers for thedeal. Other underwriters in the syndicate are Raymond James, RBCCapital Markets, Stifel Nicolaus, Wachovia Securities, Dahlman Rose& Company, Davenport & Company, Friedman Billings Ramsey, and PNC Capital Markets.
Interestingly enough, this is a company that controls and operates coalproperties and related interests that has grown via acquisitions andthrough internal development projects.
It seems that companies can still come to market, but there aren’tgoing to be any cash handouts to companies that want to list theirshares.
Jon C. Ogg
August 7, 2008
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