Venator Materials, the spin-off of US chemical producer Huntsman specialized in titanium dioxide (TiO2), pigments and additives, has kicked off its planned initial public offering (ipo) of ordinary shares, which will be listed on the New York Stock Exchange starting in August.

The initial offer price for the 22,700,000 shares has been set at $20-22 per share, pursuant to a registration statement filed previously with the Securities and Exchange Commission (SEC). All of the shares are being sold by Huntsman, and Venator will not receive any proceeds.

Huntsman said it intends to grant the underwriters a 30-day option to purchase up to an additional 3,405,000 ordinary shares. Citigroup, Goldman Sachs, BofA Merrill Lynch and J.P. Morgan are acting as lead book-running managers.

In announcing plans for separation of the businesses – a follow-on from the acquisition of  Rockwood’s pigments and additives business in September 2014 – Huntsman said it expects Venator (the name is Latin for Huntsman) to be a premier pigments company unencumbered by excessive debt or other unrelated liabilities.

For the group as a whole, Huntsman is preparing a merger with Switzerland-based Clariant, targeted for the end of 2017.  The plans, however, are being challenged by activist investors.