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Aluminum company Constellium files for $422M IPO

NEW YORK (AP) -- Constellium NV, a maker of aluminum products, on Monday filed for an initial public offering of stock that could raise as much as $422 million.

The Dutch company expects to list its shares on the New York Stock Exchange and Euronext Paris.

Constellium was known as Alcan Engineered Aluminum Products when it was part of Rio Tinto Group, a multinational metals and mining company. Rio Tinto sold a majority stake in the business to investment firm Apollo Global Management LLC in 2011.

The company is selling 11.1 million shares, and investors including Apollo and Rio Tinto are also selling a total of 11.1 million. Constellium expects its shares to sell for $17 to $19 each. Based on a price of $18, the company itself expects to net about $180 million, which it plans to use for general corporate purposes.

The banks managing the offer may also buy an additional 3.3 million shares to sell if there is demand from investors, raising the IPO's total proceeds.

Public shareholders will own 22 percent of the company after the IPO, the company said in a regulatory filing. The figures put the company's market capitalization at about $1.9 billion.

Constellium has 8,845 employees and 26 factories, it said. It posted a profit of $177 million last year and sales of $4.8 billion.