Bain Capital-backed Trinseo files to withdraw $400 million IPO
(Reuters) - Trinseo SA, a plastics maker backed by Bain Capital, said on Friday that it has decided not to pursue its proposed initial public offering of up to $400 million.
The company, formerly Styron Corp, had filed its intention to go public in June 2011.
Deutsche Bank Securities, Goldman Sachs, Citigroup and Barclays Capital were the lead underwriters to the offering.
Bain Capital bought Styron from Dow Chemical Co (DOW.N) for $1.63 billion in 2010, and Friday's decision comes at a time when a number of private equity firms are looking to exit key investments through IPOs.
Berwyn, Pennsylvania-based Trinseo, which was planning to use net proceeds from the offering to repay debt, intended to list its shares under the symbol "TSE".
(Reporting by Aman Shah in Bangalore; Editing by Sriraj Kalluvila)
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Venezuela's Maduro to raise pressure on business after local vote