After a few rocky years, Momentive Performance Materials has launched an initial public offering of stock set to raise more than $350 million for itself and major shareholders.
The silicone maker’s shares will soon start trading on the New York Stock Exchange under the ticker symbol MPMH. The company itself will issue $250 million worth of shares, while major shareholders will float about $100 million worth.
Overall, the offering will give Momentive a market capitalization of about $1.4 billion. It will trim the stake of the company’s largest shareholder, the private equity firm Apollo Management, from 40% to 27%.
Momentive is the world’s third-largest producer of silicones and silanes after Dow Corning and…