Venator Materials Plc, the paint-pigment maker owned by Huntsman Corp., raised $454 million in its initial public offering.
Huntsman sold 22.7 million shares of Venator for $20 each, at the bottom of the $20 to $22 marketed price range, according to data compiled by Bloomberg. Proceeds from the sale will go to the parent company, which will hold about 79 percent of the stock after the IPO, Venator said in a regulatory filing last month.
Venator, which makes the paint ingredient titanium dioxide, was formed when Huntsman acquired Rockwood Holdings Inc.’s pigment unit for $1 billion in 2014 and combined it with its own business. At the IPO price, Venator has a market value of more than $2.1 billion, based on the 106.3 million shares to be outstanding after the offering.
After losing $352 million in 2015, Venator cut its net loss to $77 million last year…