Carlyle's Axalta Sets Terms for Possible $877.5M IPO
October 31, 2014
The Carlyle Group's Axalta Coating Systems has filed with the SEC to trade on the NYSE under the symbol AXTA, estimating its shares to be sold between $18 and $21. At the range midpoint, the manufacturer, marketer and distributor of high-performance coatings systems would raise $877.5 million in the offering and claim a market cap of about $4.5 billion. Serving customers in over 130 countries, Axalta has roughly 12,650 employees worldwide operating 35 manufacturing facilities, seven technology centers and 45 customer training centers. Over the last 12 months, the company recorded $4.3 billion+ in net sales, $799 million in adjusted EBITDA and $12 million in net income. Carlyle acquired Axalta throughout a $4.9 billion carveout in 2013; the firm's 98% pre-IPO stake would drop to 78.7% following the completed flotation.