Orion Engineered Carbons has priced its initial public offering (ipo) of 19.5 million common shares on the New York Stock Exchange at $18 per share.

The placement was due to close on July 30.

Initially, the carbon black producer, which incorporates the former Evonik business, had been expected to place 18 million shares at a price of $21-24 each,

The shares are being sold by Kinove Luxembourg Holdings, which owns 89.6% of the company through private equity firms Triton Capital and Rhone Group.

Following the placement, Orion said it planned to change its legal status to a Luxembourg joint stock corporation known as Orion Engineered Carbons SA.

The worldwide supplier of carbon black produces standard and high performance gas blacks, furnace blacks and specialty blacks for coatings, printing inks, polymers, rubber and other applications.