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Wednesday, November 12, 2014

Former DuPont car paint unit Axalta rises 7.4 percent in debut, (NASDAQ: CG)

Shares of vehicle paint maker Axalta Coating Systems Ltd, sold by chemical maker DuPont to Carlyle Group LP last year, rose as much as 7.4 percent in their trading debut, valuing the company at about $4.8 billion. The stock touched a high of $20.94 in early trading on the New York Stock Exchange on Wednesday.Carlyle raised $975 million by selling all the 50 million shares in the offering, 5 million more than planned, diluting its stake in Axalta to 79 percent from 98 percent.The offering was priced at $19.50 per share, at the midpoint of the expected range of $18-$21.

Shares of CG fell by 0.1% or $-0.03/share to $29.08. In the past year, the shares have traded as low as $26.34 and as high as $39.38. On average, 401340 shares of CG exchange hands on a given day and today's volume is recorded at 28265.