Despite an earlier statement that a share offer was not part of the company’s plan and a poorly performing market, Votorantim Cimentos, Brazil’s largest cement producer, filed a request with the Brazilian Securities Commission (CVM) to list its shares in the local stock exchange on April 9.
The cement giant, part of the Votorantim conglomerate, plans to raise funds from a dual listing in Brazil and New York to finance expansion, portfolio diversification and reduce debt. Although the company didn’t reveal the amount to be raised or the number of shares to be sold, it was reported late last year that the company was preparing an IPO that could raise around $3 billion.
A date has not been set for the sale, but it will include both primary and secondary shares. Itaú BBA, BTG Pactual, Credit Suisse, JP Morgan and Morgan Stanley are coordinating the offering.
Votorantim Cimentos is one of the world’s 10 largest cement producers, and operates in Brazil, U.S., Canada, Bolivia, Chile, Argentina, Uruguay, Paraguay, Portugal and Peru.