* Shares open at $13.50, 10 pct below IPO price
* At IPO price, company was valued at $1.51 bln
By Aman Shah
May 23 (Reuters) - Constellium NV, a Dutch aluminum products maker part-owned by miner Rio Tinto , fell as much as 12 percent below its initial public offer price in a market debut that failed to capture investor appetite.
The stock regained some losses and was down 2.7 percent at $14.60 in heavy trading on Thursday afternoon. At that price, Constellium had a market valuation of $1.47 billion.
Most of the companies going public this year have had favorable debuts amid a stock market rally. Only 16 of the 66 companies that have listed in the United States in 2013 have closed below their IPO price in their first session.
Three other companies - Global Brass and Copper Holdings Inc , ChannelAdvisor Corp and Ply Gem Holdings Inc - also went public on Thursday and saw their stocks surge.
Constellium, whose shareholders include French investment firm FSI, makes semi-fabricated aluminum products used in the aerospace, packaging and automotive industries.
Funds affiliated to Apollo Global Management LLC own about 32 percent of Constellium after the offering. Rio Tinto has a 24.6 percent stake, according to the company's IPO filing.
Apollo has been using a stock market rally and record-low interest rates in the debt markets to exit key investments. In May alone, it has filed for IPOs of organic grocer Sprouts Farmers Markets LLC and jewelry retailer Claire's Inc, which it took private for about $3.1 billion in 2007.
Constellium was created after Rio Tinto acquired Canadian aluminum producer Alcan Inc for $38 billion in 2007. The miner divested part of Alcan's engineered products division in 2011, later naming it Constellium.
The company is one of only two suppliers of aluminum products to the aerospace market, with facilities in both the United States and Europe. This gives it an advantage in supplying to customers such as Airbus SAS and Boeing Co .
Other customers include Rexam Plc, Ball Corp, Crown Holdings, BMW AG and Mercedes-Benz.
Constellium, previously known as Omega Holdco BV, operates 26 production facilities in the United States, Europe and China and has about 8,845 employees.
The company, which counts Alcoa Inc, Novelis Inc and Aleris International among its competitors, said it expects revenue of 906 million euros to 915 million euros ($1.17 billion to $1.18 billion) for the quarter ended March 31.
Constellium raised a lower-than-expected $333.3 million from its IPO after pricing 22.2 million shares at $15 each, below its planned $17 to $19 range.