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Constellium NV's shares down in their debut on NY Stock Exchange
Edited by : AL CIRCLE
1 min read
Dutch aluminum products maker Constellium NV's shares opened 10 percent below their IPO price in their debut on the New York Stock Exchange, valuing the company at $1.36 billion.
Constellium, whose shareholders include Apollo Global Management LLC, miner Rio Tinto and French investment firm FSI, makes semi-fabricated aluminum products used in the aerospace, packaging and automotive industries.
The company was created after Rio Tinto acquired Canadian aluminum producer Alcan Inc for $38 billion in 2007. The miner divested part of Alcan's engineered products division in 2011, later naming it Constellium.
Funds affiliated to Apollo own about 32 percent of the company after the offering. Rio Tinto has a 24.6 percent stake, according to the IPO filing.
Constellium raised a lower-than-expected $333.3 million from its IPO after pricing 22.2 million shares at $15 each, below its planned $17 to $19 range.
Constellium, whose shareholders include Apollo Global Management LLC, miner Rio Tinto and French investment firm FSI, makes semi-fabricated aluminum products used in the aerospace, packaging and automotive industries.
The company was created after Rio Tinto acquired Canadian aluminum producer Alcan Inc for $38 billion in 2007. The miner divested part of Alcan's engineered products division in 2011, later naming it Constellium.
Funds affiliated to Apollo own about 32 percent of the company after the offering. Rio Tinto has a 24.6 percent stake, according to the IPO filing.
Constellium raised a lower-than-expected $333.3 million from its IPO after pricing 22.2 million shares at $15 each, below its planned $17 to $19 range.
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