Specialty chemicals maker PQ Holdings withdraws IPO-Reuters

(Reuters) – Specialty chemicals maker PQ Holdings Inc, backed by Carlyle Group LP, said on Friday it has withdrawn its initial public offering of up to $450 million.

The company had applied in February to list its common shares under the symbol “PQH”.

PQ Holdings did not disclose the reason for withdrawing the IPO.

Malvern, Pennsylvania-based PQ Holdings produces inorganic specialty chemicals used in industrial and consumer markets. Carlyle acquired the company for $1.5 billion in 2007.

Reuters had reported in December that the private equity firm was looking to sell PQ Holdings for as much as $3 billion, or float the company.
BofA Merrill Lynch, Credit Suisse Securities and JP Morgan Securities were the lead underwriters.