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Elementia plans IPO

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World Cement,

Mexican cement company Elementia, which was until recently involved in a JV with Lafarge, hopes to raise up to US$336 million in an IPO on 9 July, according to reports from Reuters and Bloomberg. The company plans to use the capital raised to increase production capacity.

Some 201 million shares will be offered in the UP at a range of 20 – 25 pesos per share.

Lafarge sold its 47% stake in the JV with Elementia in 3Q14 as part of a debt reduction exercise. Elementia operates three cement plants with a total combined capacity of 2 million tpy. It is owned by Carlos Slim and Antonio Del Valle Ruiz.

Bloomberg reports that Elementia has hired Credit Suisse Group AG, Morgan Stanley and Citigroup Inc. as global coordinators for the deal.

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