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Apollo portfolio company files for $250m IPO

The private equity firm will retain a majority stake in Noranda Aluminum, a Tennessee-based aluminum manufacturer.

Noranda Aluminum, a company purchased last year by Apollo Management, has filed for a $250 million (€162 miillion) initial public offering.

The Tennessee-based firm, which manufactures aluminum products and high quality rolled aluminum coils, plans to trade on the New York Stock Exchange under the ticker symbol NOR, according to regulatory documents filed with the Securities and Exchange Commission. Noranda produces 259,000 metric tons of aluminum annually, accounting for roughly 10 percent of total US aluminum production. It owns refineries in Louisiana and Jamaica.

New York-based Apollo, which purchased Noranda for $1.5 billion, will retain majority shareholder status in the company. Apollo co-founders Joshua Harris and Eric Press sit on the current Noranda board of directors.

Apollo purchased Noranda with funds from its $11 billion Apollo Investment Fund VI, according to the filings. During Apollo’s ownership, Noranda landed significant aluminum supply contracts with two Apollo portfolio companies, Berry Plastics Group and Goodman Global. Apollo sold Goodman Global to private equity firm Hellman & Friedman last February for $2.65 billion.

Apollo itself filed a $418 million IPO last month.