Return to search

Carlyle-backed Axalta Coating’s IPO raises $975 mln-Reuters

(Reuters) – Paint company Axalta Coating Systems Ltd‘s initial public offering raised about $975 million after its enlarged offering was priced at $19.50 per share, at the midpoint of its expected price range.

The selling stockholders, including affiliates of Carlyle Group LP, sold 50 million shares. The original plan was to sell 45 million shares at $18-$21.

At the IPO price, the company was valued at $4.5 billion, based on outstanding common stock of about 229.07 million.
Philadelphia-based Axalta, the Dupont unit which Carlyle bought for $4.9 billion in February 2013, makes liquid and powder coatings for the automotive and general transportation industries.

It operates 35 manufacturing centers and does business in more than 130 countries.

After the offering, Carlyle’s stake in Axalta will be diluted to 78.65 percent 98 percent.

Axalta’s total revenue in the six months ended June 30 rose about 22 percent to $2.2 billion from a year earlier. The company turned a profit of $52.1 million in the same period, compared with a loss of $178.3 million.

The company is expected to debut on the New York Stock Exchange under the symbol “AXTA” on Wednesday.

Citigroup, Goldman Sachs, Deutsche Bank Securities and JP Morgan were the lead underwriters of the offering.