Amrize Ltd.’s shares fell 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.
Shares in the US cement-maker were down 13% to 40.3 Swiss francs ($49.30) apiece in Zurich, compared to the reference price of 46.08 Swiss francs stated in a notice from the Swiss stock exchange. The reference price gave Amrize a market capitalization of around 26.1 billion Swiss francs, according to Bloomberg calculations. Shares were trading at $49.96 after the open in New York.
Meanwhile, the remaining firm Holcim Ltd.’s shares rose, gaining 14% to 54.1 Swiss francs from a reference price of 47.60 Swiss francs apiece. Shareholders in Holcim were given one Amrize share for each one they held in the parent company.
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.
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 and he expects near-term volatility in the share price.
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.
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.
Amrize’s shares are listed in both Zurich and New York under the symbol AMRZ.
