Orion Engineered Carbons S.a.r.l. has priced the initial public offering of 19.5 million common shares at a price to the public of $18 per share.
The firm said the shares began trading on the New York Stock Exchange on July 25 under the symbol OEC. The common shares are being offered by Kinove Luxembourg Holdings 1 S.a.r.l., the majority shareholder in the company.
Orion said it will not receive any proceeds from the sale of common shares in this offering and will change its legal form to a Luxembourg joint stock corporation and its name to Orion Engineered Carbons SA prior to the completion of the offering, which is expected to close July 30.
“The initial public offering is the culmination of three years of hard work and success,” Orion CEO Jack Clem said. “We are very pleased with the results and look forward to our future as a public company.”
Orion said the underwriters participating in the offering are: Morgan Stanley & Co. LLC and Goldman, Sachs & Co.
Orion Engineered Carbons is a worldwide supplier of carbon black offering standard and high performance products for coatings, printing inks, polymers, rubber and other applications. The firm said it employs 1,360 worldwide.
Orion operates 14 global production sites and four applied technology centers.