UPDATE 1-JP Morgan-backed polymer maker eyes $230 mln IPO

* Kraton Performance Polymers Inc files with SEC

* Company posted a net loss of $20.6 mln in 2009 1st half

NEW YORK Oct 1 (Reuters) - Kraton Performance Polymers Inc, a maker of polymers used in products such as disposable baby diapers and razor blades, plans to raise as much as $230 million in an initial public offering.

Houston-based Kraton is owned indirectly by units of private equity firm TPG Capital LP and JP Morgan Chase & Co's (JPM.N) private equity firm, according to a prospectus filed with the U.S. Securities and Exchange Commission on Thursday.

The filing did not include the terms or a possible date for the IPO.

In the six months ended June 30, Kraton had operating revenue of $428.8 million, down 30 percent from a year earlier, and a net loss of $20.6 million.

The company said demand for its products was vulnerable to downturns in the automotive and construction sectors.

It also said operations could suffer if chemicals company LyondellBasell Industries [ACCEIN.UL], a major supplier that operates two European plants for Kraton, fails to meet its obligations to Kraton because of the bankruptcy of Lyondell's U.S. operations earlier this year.

The IPO is being managed by Credit Suisse, Bank of America Merrill Lynch, Morgan Stanley and Oppenheimer & Co. (Reporting by Phil Wahba; editing by John Wallace)