Montrose Environmental Group, Inc announced today the pricing of its initial public offering of 10,000,000 shares of its common stock, all of which are being offered by the Company, at a price of $15 per share (before underwriting discounts and commissions). The Company has granted the underwriters an option to purchase up to an additional 1,500,000 shares of common stock. The shares will begin trading tomorrow on the New York Stock Exchange under the symbol “MEG” and the offering is expected to close on July 27, 2020.
The Company intends to use the net proceeds from the offering in connection with the redemption of all outstanding shares of its Series A-1 preferred stock and the remainder for general corporate purposes, including future investments in innovation and acquisitions in its highly fragmented industry.
BofA Securities and William Blair are acting as joint leading book-running managers and representatives of the underwriters for the offering. BNP PARIBAS, Capital One Securities and Stifel are acting as joint book-running managers, and Needham & Company is acting as co-manager for the offering.