Molycorp, Inc., disclosed that it expects the initial public offering price of 28.13 million shares of common stock to be $14.00 per share. The company's common stock is approved for listing on The New York Stock Exchange under the symbol "MCP".
Greenwood Village, Colorado-based Molycorp is a rare earth oxide producer in the Western hemisphere and owns most fully developed rare earth project outside of China.
According to a recent regulatory filing, the company estimated to price the offering between $15.00 and $17.00 per share.
The underwriters have the option to buy up to an additional 4.22 million shares to cover over-allotments.
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