Reuters has reported that buyout firm Carlyle Group LP has hired banks for an initial public offering of Axalta Coating Systems LLC, citing people familiar with the matter. Talks of an IPO come 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.
Reuters reported that 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 Axalta declined to comment.
Based in Philadelphia, Axalta manufacturers liquid and powder coatings for the automotive and general transportation industries. It operates 35 manufacturing centers and does business in more than 130 countries.