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NEW YORK (Dow Jones/AP) -- Underwriters say chemical manufacturer Huntsman Corporation raised one-point-45 (B)billion dollars in its initial public offering.
It sold 55-point-seven (M)million common shares at 23 (M)million dollars each and five (M)million convertible preferred shares at 50 dollars each. After bankers' fees, the company's take will be one-point-45 (B)billion dollars.
In addition, a shareholder sold four-point-five (M)million common shares.
The Salt Lake City-based company is led by petrochemical entrepreneur and philanthropist Jon M. Huntsman, father Governor Jon Huntsman. It produces materials such as ethylene, propylene and polyurethanes. It had sales of eight-point-36 (B)billion dollars in the first nine months of last year.
The company will use the I-P-O proceeds to repay debt.
Citigroup, Credit Suisse First Boston, Merrill Lynch, Deutsche Bank, J-P Morgan, Lehman Brothers, Morgan Stanley, U-B-S Investment Bank and C-I-B-C World Markets were listed as underwriters.
(Copyright 2005 by The Associated Press. All Rights Reserved.)