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Constellium IPO valued at $333.3 million

Keywords: Tags  aluminum, Constellium, downstream, Rio Tinto, Apollo, IPO


LONDON — Downstream 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 company’s 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 Paris.

On both exchanges, the company’s 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 shares.

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 over-allotments.

The registration statement for the securities has been filed with the U.S. Securities and Exchange Commission (SEC) and has now been declared effective.

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 company’s registration statement filed with the SEC. It operates 26 production facilities worldwide and employs about 8,845 people, the company said.

A version of this article was first published by AMM sister publication Metal Bulletin.


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