July 25 (Reuters) - Orion Engineered Carbons S.A. raised about $350 million in an initial public offering (IPO) in New York on Friday in which the carbon black producer issued shares at $18 each.
The issuance price was below the company’s initial price range of $21-$24. The placement of 19.5 million common shares gives Orion a free float of about 32.5 percent, a spokesman said.
Its shares fell on Friday, trading 1.5 percent lower at $17.72 at 1751 GMT.
Orion makes a form of carbon used as a performance additive in coatings, polymers and printing, and in the manufacturing of tires and mechanical rubber goods.
It was created in July 2011, when private equity investors Triton Capital and Rhone Group acquired the carbon black operations of German chemicals maker Evonik. (Reporting by Alexander Huebner; Writing by Edward Taylor; Editing by Pravin Char)