Abstract
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.
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