Innophos Holdings (NASDAQ: IPHS) is the largest North American producer of specialty phosphates. Last year, the firm generated sales of $541.8 million and EBITDA of $30.9 million.
Now, the company has filed with the SEC to issue 5 million shares in a follow-on offering. That comes to about $77.6 million.
But the cash won't go the company. Instead, it will fall into the pockets of the private equity firm, Bain Capital. As of now, Bain has a 48.5% equity stake.
Interestingly, it was back in November that Innophos had its IPO. Much of the money was used to pay down debt. There was also a $13.2 million payment to Bain to terminate its advisory agreement.
Since its IPO, the shares of Innophos have had a decent performance -- going from $12 to $15.36
The underwriters on the follow-on offering include Credit Suisse (NYSE: CS) and UBS Investment Bank (NYSE: UBS).
You can find the the filing at the SEC website.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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