Axalta Coating Systems Ltd. announced today it has commenced an initial public offering of 45 million of its common shares. The shares will be offered by affiliates of The Carlyle Group. The anticipated initial offering price is between $18.00 and $21.00 per share.
The move has been expected since August when CollisionWeek reported the company was preparing for the IPO and subsequently filed with the Securities and Exchange Commission a week later.
The selling shareholders have also granted the underwriters a 30-day option to purchase up to an additional 6,750,000 common shares. Axalta will not receive proceeds from the offering. Axalta has applied for listing of its common shares on the New York Stock Exchange under the ticker symbol “AXTA.”
Citigroup, Goldman, Sachs & Co., Deutsche Bank Securities and J.P. Morgan are lead book-running managers for the proposed initial public offering. Additional book-running managers are BofA Merrill Lynch, Barclays, Credit Suisse and Morgan Stanley. Co-managers are Jefferies, UBS, Baird, BB&T Capital Markets, Nomura and SMBC Nikko.