Momentive seeks to raise $100 million in IPO

Washington — MPM Holdings Inc., a global producer of specialty silicones and chemicals also known as Momentive Performance Materials, has filed with the Securities and Exchange Commission to make an initial public offering of shares to raise up to $100 million (€84 million).

Momentive filed the S-1 registration statement announcing the IPO 8 Sept, a month after issuing its strongest financial statement since a judge approved its Chapter 11 bankruptcy reorganisation plan in 2014.

In its S-1 prospectus summary, Waterford, New York-based Momentive said it is one of the world's largest producers of speciality silicones and silanes, as well as a global leader in fused quartz and specialty ceramics.

The company has 24 production sites and 12 research and development facilities, and serves more than 4,000 customers in 100 countries, it said in the summary.

"We believe that our value-added business model focused on technical service, combined with our global footprint and long-term customer relationships, uniquely positions us as a key innovation partner in the specialty silicones, silanes and quartz and ceramics industries," Momentive said.

US Bankruptcy Judge Robert Drain of the White Plains, New York, Bankruptcy Court approved Momentive's Chapter 11 plan 26 Aug 2014.

In its April 2014 bankruptcy filing, Momentive listed $2.69 billion in assets and $4.17 billion in debt.

On 8 Aug 2017, Momentive reported net sales of $594 million for the second quarter ended 30 June, up 1% from the $586 million reported for the same three-month period in 2016.

For the first six months of 2017, net sales were $1.14 billion, 1% above the $1.12 billion for the first six months of 2016.

Momentive's net income for the second quarter of 2017 was $19 million, compared with a loss of $10 million for the second quarter of 2017.

For the first half of 2017, the company had a net loss of $11 million, compared with a $28 million loss the year before.