Momentive Postpones IPO
MPM Holdings, also known as Momentive, has decided to postpone its proposed initial public offering (IPO), citing poor market conditions. The silicone and quartz producer filed in September with the US Securities and Exchange Commission to make an initial ipo with the aim of raising up to $100 million.
Commenting on the decision, President and CEO Jack Boss said: “While it is disappointing to have to postpone our initial public offering due to adverse market conditions, we had meaningful interest from the investment community in our company and have a strong financial position that will allow us to continue to execute against our multi-dimensional growth strategy.”
Boss noted that Momentive is focused on growing its specialty product portfolio as well as enhancing its global operations. “Our successes to date have been clearly demonstrated in our financial results and we are very excited about Momentive’s future growth prospects and outlook,” he said.
Momentive emerged from Chapter 11 bankruptcy protection in October 2014, having completed a restructuring plan that wiped out debts of around $3 billion. The company belongs to private equity group Apollo Global Management.
