(Bloomberg) — Carlyle Group Inc. has revived plans for an initial public offering of specialty chemicals maker Nouryon, according to people with knowledge of the matter, as private equity firms globally brace for a rally in stock prices.
The U.S. buyout group has asked investment banks including Barclays Plc and Goldman Sachs Group Inc. to help prepare an IPO of the business in New York that could take place as early as 2025, the people said.
Nouryon, which makes chemicals used in agriculture, paints and coatings and personal care products, could be valued at as much as 13 billion euros ($14.5 billion) in any listing, according to the people, who asked not to be identified discussing confidential information.
No final decision has been made and details of the planned offering, including timing and size, could change, the people said. Representatives for Carlyle, Barclays and Goldman Sachs declined to comment. A spokesman for Nouryon did not immediately respond to comments.
Carlyle and Singapore’s GIC Pte originally agreed to acquire Netherlands-based Nouryon from Akzo Nobel NV for €10.1 billion in 2018, a deal that remains Carlyle’s largest in Europe.
The private equity firm is separately exploring a sale of Nobian, according to the people. Nobian was spun off from Nouryon in 2021 and makes salts, chlorine and other chemicals found in solar cells, electric cars and insulation materials. Carlyle is working with advisers on a formal sale process for the industrial-focused unit, the people said. The Financial Times reported on Nobian’s sale plan in August.
Private equity groups are preparing for a more favorable exit environment for their investments after a period in which business transactions were hampered by higher interest rates and pressures on valuations. The Federal Reserve is likely to cut rates when it meets in late September, a move that would be a boon for the early equity sales market.
(Adds details on possible sale of Nobian in sixth paragraph.)
More stories like this are available at bloomberg.com
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.