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Constellium IPO expected within days

Keywords: Tags  Constellium, IPO, initial public offering, NYSE, shares, aluminum, Michael Cowden


CHICAGO — Constellium N.V. expects to price company shares May 22 in an estimated $400-million initial public offering (IPO), according to a company presentation.

Another indication that an IPO is imminent comes from a form F-1 registration statement filed May 17 by Constellium Holdco BV with the U.S. Securities and Exchange Commission that indicated a public sale would begin "as soon as practicable" after the registration statement is filed.

The shares, expected to be in a range of $17 to $19 apiece, are expected to be listed under the ticker symbol "CSTM" on the New York Stock Exchange and NYSE Euronext Paris, the Constellium presentation indicated.

Dutch holding firm Constellium Holdco expects to net approximately $180 million from the initial public offering, according to a previous SEC filing (amm.com, May 13). Constellium is expected to be converted to a Dutch public limited liability company and renamed Constellium NV before the offering is completed.

Constellium has three operating segments: aerospace and transportation, packaging and automotive rolled products, and automotive structures and industry (amm.com, April 11). It expects to benefit from lightweighting in the automotive sector and strong customer backlogs in the aerospace sector.

After the offering and a private sale, Constellium expects public shareholders will hold 22.1 percent of ordinary shares; New York-based Apollo Global Management LLC, 34 percent; London-based Rio Tinto Plc, 26 percent, Paris-based Fonds Stratégique d’Investissement SA, 12.5 percent; and Frankfurt-based Omega Management GmbH & Co. KG, 5.4 percent, according to SEC documents.

Constellium makes specialty rolled and extruded aluminum products primarily for the aerospace, packaging and automotive markets, according to the registration statement filed with the SEC. It operates 26 production facilities worldwide and employs about 8,845 people, the company said.


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