Carlyle-backed Axalta Coating files for IPO

Wed Aug 20, 2014 6:37pm EDT

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(Reuters) - Axalta Coating Systems Ltd, a paint coatings company backed by buyout firm Carlyle Group LP, filed with U.S. regulators on Wednesday for an initial public offering of common stock.

The company listed Citigroup, Goldman Sachs, Deutsche Bank and JP Morgan among the underwriters for the IPO. (bit.ly/1wa9s6z)

Reuters reported last week that Carlyle had hired banks for an initial public offering of Axalta that could raise as much as $1 billion. (reut.rs/1nbjgDK)

The filing, which included a nominal fundraising target of about $100 million, did not reveal how many shares the company planned to sell or on which exchange it intended to list its common stock.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Carlyle bought the performance coatings unit of chemical maker Dupont for $4.9 billion in 2013 and later renamed it Axalta Coating Systems.

Philadelphia-based Axalta makes liquid and powder coatings for the automotive and general transportation industries. It operates 35 manufacturing centers and does business in more than 130 countries.

(Reporting By Neha Dimri in Bangalore; Editing by Saumyadeb Chakrabarty)

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