Fairmount Santrol’s New Stock Offering Exceeds Expectations

|
Fairmount Santrol logoFairmount Santrol, an Ohio-based sand producer that sells sand as a proppant for use in Utica and Marcellus Shale drilling, recently released their preliminary second quarter 2016 results sounding a note of guarded optimism (see Crack of Light – OH Sand Producer Says Market Turning Around). Here's another thing for Fairmount to be optimistic about. Two weeks ago Fairmount announced a new stock offering of 25 million shares, for which they hoped to raise $148.75 million. The good news is that when the dust settled and stock was sold, Fairmount received $161 million, or 8% more than they had hoped for...

To view this content, log into your member account. (Not a member? Join Today!)