SALT LAKE CITY (Feb. 16)—Huntsman Corp. has set the price for its initial public offering at $23 per share, a level it hopes will generate $1.45 billion.
Huntsman, a supplier of polyurethane raw materials, said it would use "substantially all" of the proceeds to repay outstanding indebtedness.
The offer is expected to close by Feb. 16.
Huntsman is offering 60.2 million shares of common stock at $23 per share and 5 million shares of 5-percent mandatory convertible preferred stock at $50 per share.
In addition to these shares, "an existing (but unnamed) shareholder will sell a further 4.5 million shares of common stock," Huntsman said.