Displaying items by tag: IPO

UK/US: Hanson Building Products Ltd, which is owned by HeidelbergCement AG, filed with US regulators for an initial public offering of ordinary shares. BofA Merrill Lynch, BNP Paribas and Deutsche Bank Securities are underwriting the IPO, Hanson told the US Securities and Exchange Commission in a preliminary prospectus on 15 September 2014.

HeidelbergCement agreed to buy Hanson plc, which includes Hanson Building, for Euro10Bn in 2007 to create the world's second-largest construction materials company. Hanson Building produces concrete gravity pipe, concrete and steel pressure pipe and clay bricks in the US, eastern Canada and the UK. However, HeidelbergCement has been aiming to offload its US and UK building products business in 2014 to have the best chance of buying cement assets that Lafarge and Holcim must sell when they merge, according to Reuters.

Hanson Building's filing included a nominal fundraising target of about Euro77.3m. The filing did not reveal how many shares the company planned to sell or their expected price. Hanson Building intends to list its common stock on the New York Stock Exchange but did not specify the symbol. HeidelbergCement, the wholly-owned subsidiary of the German cement manufacturer, is selling all the shares in the offering and Hanson Building will not receive any of the proceeds.

Hanson Building reported net income of Euro11.5m for the first six months of 2014, compared with a loss of Euro195m during the same period of 2013. Net sales, however, dropped by 47% year-on-year to Euro462m.

Brazil: Votorantim Cimentos has cancelled a US$4.8bn initial public offering (IPO) due to poor market conditions. According to Dow Jones, the leading Brazilian cement producer had initially delayed its IPO in July 2013 to September 2013.

"The IPO continues to be the company's plan and we will continue to monitor the evolution of the capital market conditions to be able to resume the offer," said chief financial officer Lorival Luz.

Brazil: Votorantim Cimentos, Brazil's largest cement producer, and its shareholders have cancelled a US$4.8bn initial public offering (IPO) that had been scheduled, according to a report from Reuters. Controlling shareholder Votorantim Participações was unwilling to sell its stock of Votorantim Cimentos below the suggested price range of US$7.34-8.71, according to a source reported by Reuters.

The news-wire service also reported that a second source had said that potential investors would take part in the IPO provided that shares offered a 'large discount' when viewed against the US$7.31/share price at the bottom of the potential price range. Any such discount would value Votorantim significantly below its rivals in the Brazilian cement market. Votorantim Cimentos has not confirmed the suspension of the IPO plan.

Indonesia: PT Semen Baturaja is seeking to raise up to US$163m in an initial public offering (IPO) in June 2013, officials have said. It will use the proceeds to increase its cement production capacity to 2Mt/yr.

The state-owned cement producer plans to sell 2.34bn shares, equivalent to 23.8% of the company after the issuing. It will sell the shares in an indicative price range of US$0.05–0.07 each, according to State Enterprises Ministry strategic planning deputy Wahyu Hidayat.

"We're targeting production to reach 2Mt this year from 1.2Mt in 2012. We will invest about US$270m in a new 1.85Mt/yr plant. We aim to start operation of the additional capacity in the fourth quarter of 2016," said chief executive Pamudji Raharjo. The offering is scheduled for between 20 June 2013 and 24 June 2013.