Loma Negra, a leading Argentine cement producer, announced terms for its IPO on Thursday. The company is planning a global offering and intends to list ADSs on the NYSE and ordinary shares on the Bolsas y Mercados Argentinos (BYMA) under the symbol LOMA.
The Buenos Aires, Argentina-based company plans to raise $751 million by offering 44.2 million ADSs (100% insider) at a range of $15 to $19 plus an additional $102 million by offering up to 30.0 million new ordinary shares at a range of US$3.00 to US$3.80 for a combined $853 million in total proceeds. At the midpoint of the proposed ranges, Loma Negra would command a fully diluted market value of $2.0 billion.
Loma Negra was founded in 1926 and booked $708 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol LOMA. BofA Merrill Lynch, Bradesco BBI, Citi, HSBC Corporation, Itau BBA and Morgan Stanley are the joint bookrunners on the deal.
