Oct 31 (Reuters) - Loma Negra Cia Industrial Argentina SA’s initial public offering was priced at $19 per American Depository share, according to a source close to the matter, at the upper end of the proposed range of $15 to $19 each.
Loma Negra, Argentina’s largest cement producer, raised about $954 million from the 50.2 million ADS offering, with each ADS representing five common domestic shares.
A majority of the proceeds will go to Intercement Brasil SA, Brazil’s second-largest cement producer, which owns 99 percent of Loma Negra. The remaining amount will go to the coffers of Loma Negra, the company said in its IPO filing.
The company plans to list on the New York Stock Exchange under the symbol “LOMA”.
BofA Merrill Lynch, Bradesco BBI, Citigroup, HSBC, Itau BBA and Morgan Stanley were top underwriters to the deal.
Reporting by Nikhil Subba in Bengaluru; editing by Diane Craft