UPDATE 1-Styron planning IPO - sources

Tue Mar 8, 2011 11:14pm EST

* To pick lead underwriters in next few weeks - source

* Plan details are preliminary and could change - sources

(Updates to change sourcing)

NEW YORK, March 8 (Reuters) - Plastics company Styron Corp is planning an initial public offering less than nine months since private equity firm Bain Capital bought it from Dow Chemical , two sources familiar with the situation said on Tuesday.

The lead underwriters on the IPO are expected to be chosen in the next few weeks, one of the sources said.

The sources cautioned that the details are preliminary and could change. The information is not public and the sources declined to be named.

A Styron IPO would be an unusually quick exit for Bain, as it and other buyout firms tend to hold investments for at least a few years.

Dow announced the $1.63 billion sale of its Styron basic plastics unit to Bain in March last year, and the deal closed in June.

Styron was not immediately available for comment, while Bain declined to comment.

Bloomberg was first to report Styron's IPO plan. (Reporting by Ritsuko Ando, Megan Davies and Clare Baldwin; Editing by Muralikumar Anantharaman)