Venator Materials, a manufacturer of titanium dioxide pigments and additives spun out of Huntsman, announced terms for its IPO on Monday.
Headquartered in The Woodlands, TX, the company plans to raise $477 million by offering 22.7 million shares (100% insider) at a price range of $20 to $22. At the midpoint of the proposed range, Venator Materials would command a market value of $2.2 billion.
Venator Materials was formed in 2017 and booked $2.3 billion in sales for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol VNTR. Citi, Goldman Sachs, BofA Merrill Lynch, J.P. Morgan, Barclays, Deutsche Bank, UBS Investment Bank and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 31, 2017.
