Taminco shares fall in NYSE debut

April 18 Thu Apr 18, 2013 10:11am EDT

April 18 (Reuters) - Shares of Taminco Corp fell as much as 8 percent in their trading debut, valuing the company at nearly $900 million, well below the price Apollo Global Management LLC paid to acquire the chemical maker from CVC Capital Partners in 2011.

Shares of Taminco Corp were trading at $14.05 on the New York Stock Exchange on Thursday morning.

Taminco is the latest in a string of companies that Apollo has taken public since the beginning of 2012. These include Payment processor Evertec, industrial parts maker Rexnord Corp, real estate services company Realogy Holdings Corp, cruise line operator Norwegian Cruise Line Holdings Ltd and plastic-packaging manufacturer Berry Plastics Group Inc.

Belgium-based Taminco priced its initial public offering of 15.8 million shares at $15 each, below its expected price range of $18 to $20, raising $237 million.

At the offer price, Apollo's stake in Taminco is valued at about $702 million. The private equity firm bought Taminco for about 1.1 billion euros ($1.4 billion) from CVC Capital Partners in 2011.

Apollo will not be selling any shares of the company but its stake will fall to nearly 72 percent from 94.7 percent following the offering due to dilution.

Taminco makes ingredients for crop protection products and animal feeds and caters to agriculture, water treatment, personal & home care, animal nutrition and oil & gas end-markets.

The Pennsylvania based-company operates in nineteen countries and counts Arkema SA, Dow Agro Sciences, Procter & Gamble Co, SNF and Syngenta among its customers.

Taminco Corp had tried to list its shares in Brussels in 2010, but blamed difficult market conditions for the failure of the IPO.

Citigroup, Goldman Sachs, Credit Suisse and J.P. Morgan acted as lead underwriters to the offering.

Apollo is also pursuing an IPO for aluminum products maker Constellium, sources previously told Reuters. However, Apollo pulled an IPO for supply chain management company Ceva Investments Ltd earlier this month.

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