Argentine cement maker Loma Negra files for IPO
Argentine cement maker Loma Negra Corp. has filed for an initial public offering, according to a SEC filing late Tuesday. "We believe that the economic recovery of Argentina represents one of the most attractive opportunities in global emerging markets today," the company said in the filing. "Cement consumption is highly correlated to economic activity and we expect demand for cement to grow significantly within the next five years in Argentina." Risks included cement-industry cycles and political and economic conditions in Argentina and Paraguay, it said. The company listed net revenue of $401.8 million for the six months ended July 2017 and of $594.9 million for the year ended December 2016, and net profit of $41.7 million to June and $30.2 million for all of 2016. Loma Negra's American Depositary shares are expected to trade on the New York Stock Exchange under the symbol LOMA. Underwriters include Bank of America Merrill Lynch, Citigroup, and the investment banking unit of Brazilian bank Bradesco.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.