Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, November 11, 2014

Carlyle-backed Axalta Coating's IPO raises $975 mln, (NASDAQ: CG)

Paint company Axalta Coating Systems Ltd's initial public offering raised about $975 million after its enlarged offering was priced at $19.50 per share, at the midpoint of its expected price range. The selling stockholders, including affiliates of Carlyle Group LP, sold 50 million shares. The original plan was to sell 45 million shares at $18-$21.At the IPO price, the company was valued at $4.5 billion, based on outstanding common stock of about 229.07 million.Philadelphia-based Axalta, the Dupont unit which Carlyle bought for $4.9 billion in February 2013, 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.

Shares of CG traded higher by 0.17% or $0.05/share to $29.11. In the past year, the shares have traded as low as $26.34 and as high as $39.38. On average, 407112 shares of CG exchange hands on a given day and today's volume is recorded at 368898.