Shearman & Sterling advised the underwriters of Venator Materials PLC’s initial public offering of 26,105,000 ordinary shares (including 3,405,000 ordinary shares purchased by the underwriters pursuant to their option to purchase additional ordinary shares) at an initial public offering price of $20.00 per share. All of the ordinary shares were sold by Huntsman Corporation through its subsidiaries, which received approximately $522.1 million in gross proceeds from the offering. The ordinary shares began trading on The New York Stock Exchange under the ticker symbol “VNTR” on August 3, 2017.
Citigroup, Goldman Sachs & Co. LLC, BofA Merrill Lynch and J.P. Morgan acted as lead book-running managers for the offering. Additional book-running managers were Barclays, Deutsche Bank Securities, UBS Investment Bank and RBC Capital Markets. Co-managers were Moelis & Company, HSBC, Nomura, SunTrust Robinson Humphrey, Academy Securities and Commerzbank.
Venator is a global manufacturer and marketer of chemical products that comprise a broad range of pigments and additives that bring color and vibrancy to buildings, protect and extend product life, and reduce energy consumption. Venator markets its products globally to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of the company’s TiO2 business, and Performance Additives, which consists of the company’s functional additives, color pigments, timber treatment and water treatment businesses. Venator operates 27 facilities globally, employs approximately 4,500 associates worldwide and sells its products in more than 110 countries.