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News > Deals
Peabody IPO raises $420M
May 21, 2001: 5:26 p.m. ET

Largest private sector coal firm sells 15 million shares at $28 each via Lehman
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NEW YORK (CNNfn) - Peabody Energy Corp., the largest private sector coal company, raised $420 million Monday ahead of its initial public offering.

St. Louis, Mo.-based Peabody priced 15 million shares at $28 each via lead underwriter Lehman Brothers. The company had planned on offering 15 million shares at $25 to $27 each, up from the $22-to-$24 range.

Peabody sold 181.6 million tons of coal for the year ended Mar. 31, 2001, a 16 percent U.S. market share. Peabody sold coal to more than 290 electric generating and industrial plants, or 9 percent of the U.S. and 2.5 percent of the world's electricity producers, the company said in a filing with the Securities and Exchange Commission.

Peabody had $107 million in income on $2.8 billion in revenue for the year ended March 31, 2001.

After the IPO, Lehman Brothers Merchant Banking Partners II L.P. and affiliates will hold a 59.3 percent stake.

Peabody plans to trade on the New York Stock Exchange under the stock symbol "BTU." graphic




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