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Carlyle-backed chemical maker PQ files for $450m IPO

12 Feb 2014

green chemicalCarlyle-backed chemicals company PQ Holdings has filed to raise up to $450m by listing on the public markets.

The firm paid $1.5bn for PQ in 2007 and was said to be targeting double that through a sale process according to a Reuters report in December.

Carlyle currently owns 50.6 per cent of the company’s common stock, while fellow chemical maker INEOS holds 33.7 per cent.

BofA Merrill Lynch, Credit Suisse Securities and JP Morgan are acting as lead underwriters for the IPO, which will see the company list on an unnamed bourse under the PQH ticker.

Earlier this week Carlyle exited its investment in rubber and plastics technology company Veyance Technologies, which was sold to German industrial group Continental for around €1.4bn.

The Fairlawn, Ohio-based company posted sales of around €1.5bn last year, of which 90 per cent was generated outside of the automotive industry.

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