April 18 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
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
The Pennsylvania based-company operates in nineteen
countries and counts Arkema SA, Dow Agro Sciences,
Procter & Gamble Co, SNF and Syngenta among its
Taminco Corp had tried to list its shares in Brussels in
2010, but blamed difficult market conditions for the failure of
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.