Aleris IPO watch: The aluminum company Aleris estimated that the Company will sell aggregately 31.25 million shares in its initial public offering. It will issue approximately 9.38 million shares and the rest of the shares will be offered by the selling shareholders.
The company plans to list on the New York Stock Exchange under the ticker symbol “ARS.”
Aleris submitted the listing application documents to the U.S. SEC (Security And Exchange Commission) in April last year, seeking to raise $100 million. The company proposed to use the proceeds collected from the public offering for the business operations, including daily expenses, capital investments, the construction of an aluminum rolling plant in China as well as potential acquisitions.
Aleris was founded on the basis of acquiring the assets and operations of the bankrupt company Aleris International in June 2010. Aleris International was headquartered in Ohio, saw its assets shrinking sharply, due to the decline in the aluminum prices and banks refused to continue to provide loans. Therefore, the company filed for bankruptcy protection in February 2009.
Aleris operates 41 plants globally, including 14 rolled aluminum product plants, 27 scrap recycling and special aluminum plants. The company generated 51% of the revenues from North America last year.