May 23 Dutch aluminum products maker Constellium
NV's shares opened 10 percent below their IPO price in
their debut on the New York Stock Exchange, valuing the company
at $1.36 billion.
Constellium, whose shareholders include Apollo Global
Management LLC, miner Rio Tinto and
French investment firm FSI, makes semi-fabricated aluminum
products used in the aerospace, packaging and automotive
The company 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.
Funds affiliated to Apollo own about 32 percent of the
company after the offering. Rio Tinto has a 24.6 percent stake,
according to the IPO filing.
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.