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FMC's Livent prices IPO in New York

FMC Corp.'s lithium business spinoff, Livent Corp., priced its IPO at US$17 per share in New York, according to an Oct. 10 release.

The offering comprises of 20 million shares, while underwriters were granted a 30-day option to purchase up to 3 million additional shares at the same issue price. The offering is set to close Oct. 15.

The company's shares will start trading on the New York Stock Exchange on Oct. 11 under the symbol LTHM.

The offering was priced below the target of between US$18 and US$20 per share, giving the company a market value of around US$2.43 billion, Reuters wrote in a same-day report. According to the report, FMC will own about 86.01% of Livent following the offering, which was reportedly oversubscribed.

Bank of America Merrill Lynch, Goldman Sachs and Credit Suisse were acting as the joint lead bookrunners for the offering.

Concurrent with the IPO, Livent released the details of appointments to its board and executive roles.

As announced earlier, former FMC CFO Paul Graves will be appointed as a director and president and CEO of Livent, while FMC CEO and Chairman Pierre Brondeau will serve as the new company's chairman.

Meanwhile, Graves, Robert Pallash, G. Peter D'Aloia, Michael Barry, Steven Merkt and Andrea Utecht were appointed as Livent's directors.