Brazil cement producer Votorantim Cimentos sets terms for $3.4 billion IPO, largest in US since Facebook

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Votorantim Cimentos S.A., which is Brazil's largest cement producer, announced terms for its IPO on Wednesday. The São Paulo, Brazil-based company plans to raise $3.4 billion through the offering of up to 400 million units (28% insider) or 200 million ADSs in a dual listing on the NYSE and the São Paulo Stock Exchange. Units will be offered at a price range of R$16.00 to R$19.00 and ADSs will be offered at a price range of $15.59 to $18.51. The company has yet to determine the split between units and ADSs that will be offered. The proposed deal would make Votorantim the largest IPO to list in the US since Facebook ( FB ) raised $16 billion in May 2012.

Votorantim Cimentos S.A., which was founded in 1933 and booked $4.9 billion in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol VEBM. Morgan Stanley, J.P. Morgan, Itau BBA, Credit Suisse, and BTG Pactual are the joint bookrunners on the deal.



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