Buyout firm Carlyle Group LP has hired banks for an initial public offering of Axalta Coating Systems LLC, according to people familiar with the matter, just a year and a half after it acquired the company from Dupont for $4.9 billion. Citigroup Inc and Goldman Sachs Group Inc have been given leading roles in the potential IPO of the performance coatings company, the people said on Wednesday. The IPO could raise as much as $1 billion, one of the people added.The sources asked not to be identified because the discussions are private. Bloomberg News reported on Axalta's IPO preparations earlier on Wednesday. Carlyle, Citigroup and Goldman Sachs declined to comment, while an Axalta spokeswoman did not immediately respond to a request for comment.Based in Philadelphia, 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, according to its website.Private equity firms typically hold on to companies between three and five years before they sell them. Carlyle's plans to take Axalta public in such a short time frame reflect the strength of the equity markets as well the private equity firm's confidence in Axalta's prospects as a public company.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 0.64% or $0.31/share to $48.75. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 16039000 shares of C exchange hands on a given day and today's volume is recorded at 8602566.
Shares of CG traded higher by 0.91% or $0.29/share to $32.27. In the past year, the shares have traded as low as $24.66 and as high as $39.38. On average, 407080 shares of CG exchange hands on a given day and today's volume is recorded at 233156.
The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 0.02% or $0.04/share to $172.37. In the past year, the shares have traded as low as $151.33 and as high as $181.13. On average, 2421050 shares of GS exchange hands on a given day and today's volume is recorded at 1708159.
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