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(Bloomberg) — Amrize Ltd’s shares shares slipped in early trading in Switzerland following the North American cement-maker’s spinoff from Holcim Ltd, as the building materials conglomerate looks to unlock value through a separate listing.
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Shares in the US cement-maker slipped as much as 7.8% to 42.5 Swiss francs ($52.01) apiece in early trading in Zurich, compared to the reference price of 46.08 Swiss francs stated in a notice from the Swiss stock exchange. Meanwhile, the remaining firm Holcim Ltd.’s shares rose, gaining as much as 12.6% to 53.6 Swiss francs from a reference price of 47.60 Swiss francs apiece.
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Read: Can Holcim’s US Spinoff Cement a Higher Valuation?: ECM Watch
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Shareholders in Holcim were given one Amrize share for each one they held in the parent company.
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Amrize is the largest cement provider in the US and Canada as measured by sales and production volume, according to a letter to shareholders earlier this month. It has more than 1,000 sites and 19,000 employees across North America and in 2024 it generated $11.7 billion in revenue — a 13% compound annual growth rate from 2021, according to a statement on Monday.
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Vontobel analyst Mark Diethelm launched coverage of Amrize with a hold rating on Monday, saying the US construction market is challenging in the near-term.
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Jan Jenisch, who is both chief executive officer and chairman, said last year that his own valuation for Amrize’s valuation was around $50 billion, although a lot has changed since then. Bloomberg Intelligence said Amrize could reach a valuation exceeding $36.2 billion.
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Jenisch wants to grow through mergers and acquisitions, particularly on the building solutions side of the business, which has higher multiples and gives a better return on invested capital. Amrize is the largest cement company in North America and the second-largest commercial roofing company in the region, according to an investor presentation.
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Amrize’s shares will be listed in both Zurich and New York under the symbol AMRZ. Trading on the New York Stock Exchange is expected to start at its open on Monday.
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English (US)