Plastics maker Styron Corp., which is backed by Bain Capital, has added Scotia Capital and Wells Fargo to the list of underwriters for its $400 million initial public offering, Reuters reported. The company now has 13 banks underwriting the IPO. Bain Capital bought Styron for $1.63 billion from Dow Chemical Co in 2010. The company is based in Berwyn, Pennsylvania.
(Reuters) – Plastics maker Trinseo S.A., better known as Styron Corp, has added 2 new underwriters for its upcoming initial public offering.
The Bain Capital-backed company which filed for a $400 million initial public offering in June, added Scotia Capital and Wells Fargo to its existing 11 underwriters.
The company now has 13 banks underwriting its IPO, which is being spearheaded by investment banking heavyweights such as Goldman Sachs, Citigroup, Deutsche Bank Securities and Barclays Capital.
Bain Capital bought Styron for $1.63 billion from Dow Chemical Co in 2010.
Berwyn, Pennsylvania-centered Trinseo intends to use some of the net proceeds from the offering to repay its $1.4 billion term loan.
The company plans to list its ordinary shares under the symbol “TSE.”
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO can be different. (Reporting by Tanya Agrawal in Bangalore; Editing by Joyjeet Das)