Loma Negra sets its IPO at US$19/ADS

Loma Negra Cia Industrial Argentina SA said on Tuesday its initial public offering was priced at US$19 per American Depository share (ADS), raising about US$954m (US$40.4m).

The US$50.2m ADS offering was priced at the top of the proposed range of US$15 to US$19, 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 per cent of Loma Negra. The rest will go to Loma Negra, the company said in its IPO filing. The company plans to debut on the New York Stock Exchange under the symbol "LOMA" today.