Nouryon (Amsterdam, Netherlands) has filed with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its shares. The timing and price range for the proposed offering have not yet been determined, the company says.
Nouryon is the former chemicals business of AkzoNobel, which was acquired for $10.1 billion by private equity firm The Carlyle Group and GIC (Singapore) in October 2018.
Nouryon posted 2020 revenue of $4.2 billion with adjusted EBITDA of $970 million, according to a company fact sheet. It has approximately 7,900 employees with production in 18 countries.
The portfolio includes cellulosics, organic peroxides, bleaching chemicals, specialty polymers, expandable microspheres, and surfactants. Key end markets include personal care, cleaning goods, paints and coatings, agriculture and food, pharmaceuticals, and building products.
In July, Nouryon completed the spin-out of its base chemicals business Nobian (Amersfoort, Netherlands)—which includes salt, chlor-alkali, and chloromethanes—into a separate company that remains under the ownership of The Carlyle Group and GIC (Singapore). Nouryon repaid €1.5 billion ($1.8 billion) of debt with the proceeds of a completed external financing by Nobian, as part of the spin-out transaction.
The Nouryon filing was made on a confidential basis, which allows the SEC to review the draft registration statement and related revisions on a nonpublic basis before an eventual public filing in advance of an investor roadshow or public offering of shares. Nouryon expects to use the proceeds of the offering for general corporate purposes that may include the repayment of debt. The IPO is expected to commence after the SEC completes its review process, subject to market and other conditions, Nouryon says.
By Sotirios Frantzanas
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