November 1, 2017 / 12:47 AM / a month ago

UPDATE 1-Argentine cement maker Loma Negra's IPO priced at $19/ADS

(Updates with company confirmation, adds details)

By Nikhil Subba

Oct 31 (Reuters) - Loma Negra Cia Industrial Argentina SA, Argentina’s largest cement producer, said on Tuesday its initial public offering was priced at $19 per American Depository share, raising about $954 million.

The 50.2 million ADS offering was priced at the top of the proposed range of $15 to $19/ADS, with each ADS representing five common domestic shares.

Most of the proceeds will go to Intercement Brasil SA, Brazil’s second-largest cement producer, which owns 99 percent of Loma Negra. The rest will go to the coffers of Loma Negra, the company said in its IPO filing.

Loma Negra, founded in 1926, produces and distributes cement, aggregates, concrete and lime to wholesale distributors, concrete producers and industrial customers.

The company posted total comprehensive income of 712.92 million Argentine pesos ($40.44 million) for the six months ended June 30, compared with 131.07 million Argentine pesos ($7.43 million) for the same period a year ago.

Net revenues came in at 6.67 billion Argentine pesos ($378.33 million) for the same six months, up about 54 percent.

The company plans to debut on the New York Stock Exchange under the symbol “LOMA” on Wednesday.

BofA Merrill Lynch, Bradesco BBI, Citigroup, HSBC, Itau BBA and Morgan Stanley were top underwriters for the deal.

$1 = 17.63 Argentine pesos Reporting by Nikhil Subba in Bengaluru; Editing by Diane Craft and Peter Cooney

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