aluminium product manufacturer Constellium N.V. has confirmed
the value of its initial public offering (IPO) on the New York
Stock Exchange and NYSE Euronext Paris at $333.3 million.
The companys IPO, which
had been expected to take place this week, included 22.2
million class A ordinary shares at a lower-than-expected price
of $15 apiece. The company had previously said it expected the
shares to price between $17 and $19 apiece (
amm.com, May 20).
Trading is expected to begin on
May 23 on the NYSE and on or about May 27 on NYSE Euronext
On both exchanges, the
companys shares will trade under the symbol CSTM. The
offering is set to close on or about May 29 as per the
customary closing conditions, Constellium said.
The company itself is offering
about 13.3 million class A ordinary shares, while the selling
shareholders are offering about 8.9 million class A ordinary
Of the shareholders
contribution, about 5 million are being sold by affiliates of
Apollo Global Management and 3.9 million are being sold by
affiliates of Rio Tinto Plc.
The underwriters of the offering
have a 30-day option to purchase up to 3.33 million further
class A ordinary shares from Constellium at the IPO price,
taking off underwriting discounts and commission to cover any
The registration statement for
the securities has been filed with the U.S. Securities and
Exchange Commission (SEC) and has now been declared
The securities in the offering
have not been and will not be offered or sold to the public in
France, the company said.
Constellium makes specialty rolled and extruded aluminum
products primarily for the aerospace, packaging and automotive
markets, according to the companys registration statement
filed with the SEC. It operates 26 production facilities
worldwide and employs about 8,845 people, the company
A version of this article was first published by AMM sister
publication Metal Bulletin.