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Tuesday, February 11, 2014

Carlyle-backed PQ Holdings files for IPO of up to $450 mln, (NASDAQ: CG)

Specialty chemicals maker PQ Holdings Inc, backed by Carlyle Group LP, filed with U.S. regulators to raise up to $450 million in an initial public offering of common stock. Carlyle acquired the company, which produces inorganic specialty chemicals used in industrial and consumer markets, for $1.5 billion in 2007.Reuters reported in December that the private equity firm was looking to sell PQ for as much as $3 billion, or float the company.BofA Merrill Lynch, Credit Suisse Securities and JP Morgan Securities are the lead underwriters, PQ said.PQ reported net income of $18.3 million on sales of $835.8 million for the nine months ended Sept. 30, according to the company's IPO filing on Tuesday. ()

Shares of CG traded higher by 0.32% or $0.11/share to $34.99. In the past year, the shares have traded as low as $23.85 and as high as $38.13. On average, 421153 shares of CG exchange hands on a given day and today's volume is recorded at 316272.