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Investment

Shares in new lithium company Livent drop after IPO

by Alexander H. Tullo
October 19, 2018 | A version of this story appeared in Volume 96, Issue 42
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A photo of Livent executives ringing the New York Stock Exchange opening bell on October 11, 2018.
Credit: New York Stock Exchange
Livent executives rang the New York Stock Exchange opening bell on Oct. 11.

Livent, the lithium chemical spin-off of FMC, closed its initial public offering on the New York Stock Exchange on Thursday, Oct. 11, selling 20 million shares at $17.00 apiece, below its intended range of $18.00 to $20.00. In a weak stock market overall, Livent shares declined after their first day of trading and closed their first week at $16.25. The firm had $210 million in sales during the first six months of the year. FMC, which is focusing on agricultural chemicals, retains an 85% stake that it ultimately intends to distribute to shareholders.

Chemical & Engineering News
ISSN 0009-2347
Copyright © 2024 American Chemical Society

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